kasneb NEWSLINE TheProfessional Journal of kasneb Issue No. 1, January - March 2018
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Editor Honoraris Pius M. Nduatih
Editorial Team Isaac M. Njuguna Erasto M. Ng’ang’a Hamida A. Mwilu Boniface N. L. Nderi
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kasneb Newsline is the professional students journal of kasneb. The views 19 - Interest rates: Shift from price 25 - What makes a great credit in the articles featured in this journal mechanism to price controls professional? are those of the respective authors and do not necessarily reflect the views of kasneb or its partners.
The Editor welcomes contributions from readers especially students and trainers in accountancy, finance, credit, governance and management, information communication technology and cognate subjects.
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CONTRIBUTORS TO THIS ISSUE
Wasilwa Miriongi Kellen Kiambati Ruth Gatwiri Abdallah Mambo kasnebCliff OsoroNEWSLINE, Issue No. 1, January - March 2018 1 From the CEO’s desk
nformation is a key resource for organisational growth. Information feeds an organisation’s knowledge management framework whose Ifocus is on locating, understanding, enabling and encouraging learning by creating the environment, culture and processes where knowledge is Editor Honoraris shared and created. Pius M. Nduatih On the other hand, organisation learning can be viewed as the process of creating, retaining and transferring knowledge within an organisation. Knowledge management links with organisational learning by supporting processes including innovation, individual and collective learning and decision making.
In this era of dynamic market changes creating new frontiers in competition, the benefits of continuous organisational learning cannot be gainsaid. It has been argued that organisations lose grip of their core focus not due to lack of knowledge, but due to poor knowledge management and uncoordinated organisational learning. Indeed, learning is at the core of organisational and individual survival, as aptly captured by Alvin Toffler, a businessman and futurist who postulated that “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn”.
The above background sets the tempo for the lead article in this edition of the kasneb Newsline titled Organisational and Individual Learning. The writer brings to the fore topical issues on the subject area such as the principles of organisational learning, the processes involved, types of learning and the differences between learning, training and development.
The second article dwells on information technology (IT) security governance and the role of internal auditors in monitoring the same in organisations. The writer also sheds light on cyber security, which is one of the trending topics in IT today. In addition, the writer provides insight on the role of the executive in IT security governance.
This edition also features an updated write-up on the Trainee Accountants Practical Experience Framework (TAPEF) which will be implemented jointly by kasneb and ICPAK with effect from 1 July 2018. All new and continuing CPA students will be required to log in their practical experience which will be evaluated at the point of applying for membership of ICPAK.
The above and other features in this edition of the kasneb Newsline have been carefully selected to provide our readers with an educative, informative, entertaining and empowering experience.
Enjoy your reading
If an organisation wants to survive in an era of rapid and complex changes - it has to be a “learning organisation.”
Peter Siege
2 kasneb NEWSLINE, Issue No. 1, January - March 2018 ORGANISATIONAL AND INDIVIDUAL LEARNING
Ruth Gatwiri, Management consultant and social scientist and culture to develop long-term organisational capacity. rganisational learning theory is concerned with how Probst and Buchel (1997) say it is the ability of the institution Olearning takes place in organisations (Armstrong, 2009). as a whole to discover errors and correct them and to A learning organisation is difficult to describe, except to say change the organisation’s knowledge base and values so that development occurs through shared information, culture, as to generate new problem-solving skills and new capacity leadership that values learning, employees who want to learn for action. and develop new skills (Mathis and Jackson, 2003). According to Argris (1992), organisations do not perform the actions that produce learning; it is individual members of the organisation who behave in the ways that lead to it, although organisations can create conditions that facilitate such learning. From individual to organisational learning Organisational learning takes place within the wide Learning Individual Team Organisational institutional context of inter-organisational relationships learning learning learning and refers broadly to an organisation’s acquisition of understanding, know-how, techniques and practices of any kind and by any means (Argris and Schon,1996). Personal Team Organisational Knowledge knowledge knowledge knowledge Organisational learning is concerned with development of new knowledge or insights that have the potential to influence behaviour. Organisational learning, according to Marsick (1994), is a process of co-ordinated systems changes with mechanisms built in for individuals and groups Individual Group Organisational to access, build and use organisational memory, structure
kasneb NEWSLINE, Issue No. 1, January - March 2018 3 ORGANISATIONAL AND INDIVIDUAL LEARNING
ORGANISATIONAL LEARNING JOURNEY: Match A ROADMAP
Knowledge base Business vision Learning Learning practices Learning strategies Intentions Actions Consequences Mismatch Organisational needs vision Learning climate The process of organisational Measure progress and reassess learning The stages of the organisational learning journey include an articulation of the business and organisational vision, an evaluation of the company’s learning According to Dale (1994), organisational learning needs and the development of a learning strategy that will achieve the firm’s learning objectives. can be described as an intricate three-stage process consisting of knowledge acquisition, dissemination and shared implementation. Knowledge can be Principles of organisational learning acquired from direct experience, experience of others or There is need for a powerful and coherent vision for organisational memory. Organisational learning occurs the organisation to be communicated and maintained under two conditions: when an organisation achieves across the workforce in order to promote strategic what is intended and when a mismatch between thinking at all levels. The following should also be intentions and outcomes is identified and corrected. noted: According to Argris (1992), there are two ways through which organisational learning takes place: single loop • The need to develop strategy in the context of a or adaptive learning and double loop or generative vision that is not only powerful but also open-ended learning. Single loop or adaptive learning does no and unambiguous. This will encourage a search more than correct deviations from the norm by making for a wide rather than a narrow range of strategic small changes and improvements without challenging options, will promote literal thinking and will orient assumptions, beliefs or decisions. Organisations where the knowledge creating activities of employees. single loop learning is the norm, define the governing • Within the framework of vision and goals, frequent variables, that is, what they expect to achieve in terms dialogue, communication and conversations are of targets and standards and then monitor and review major facilitators of organisational learning. achievements and take corrective actions as necessary, • It is essential to continuously challenge people to thus completing the loop. Double loop or generative re-examine what they take for granted. learning involves challenging assumptions, beliefs, • It is important to develop a conducive learning and norms and decisions rather than accepting them. On innovation atmosphere.
Organisations may apply the learning processes to three types of learning:
Where an objective or goal is defined and Single-loop an individual works out the most favoured learning way of reaching the goal. However, the goal Improving the status quo itself is not questioned (Argyris, 2002).
Double-loop Where an error is detected and corrected in ways determining why the error occurred in Changing the status quo learning the first place (Sessa and London, 2006).
Deutero Where members of an organisation learn how to carry both single and double loop Learning how to learn learning learning (Sessa and London, 2006).
4 kasneb NEWSLINE, Issue No. 1, January - March 2018 ORGANISATIONAL AND INDIVIDUAL LEARNING this basis, learning occurs when the monitoring process initiates action to redefine the governing variable, to meet the new situation, which may be imposed by the external environment. The organisation has learnt something new Single-loop learning about what has to be achieved in the light of changed The most common style of circumstances and can then decide how this should learning is just problem solving, be done. In this case learning is converted into action. improving the system as it exists. According to Easterby-Smith and Araujo (1999), single loop learning could be linked to environmental change where an organisation tries out new methods and Strategies and Results techniques tactics and attempts to get rapid feedback on their WHAT WE OBTAIN consequences in order to make continuous adjustments WHAT WE DO and adaptations.
Double loop learning is associated with radical change which might involve a major change in strategic direction,
Governing variables
Goals, values, beliefs, Action strategies and Results and assumptions (conceptual techniques consequences frameworks) WHAT WE DO WHAT WE OBTAIN WHY WE DO WHAT WE DO Double-loop learning
More than just fixing the problem, this style of learning questions the underlying assumptions, re-evaluates and reframes goals, values and beliefs behind what we do.
Context Frames/Assumptions Actions Results
Single-loop learning: Acting - changing our behaviour (Simple) Are we doing things right? Here’s what to do: procedures or rules
Double-loop learning: Reframing - changing our thinking (Complicated) Are we doing the right things? Here’s why this works: insights and patterns
Triple-loop learning: Transforming - changing our perceptions (Complex) How do we decide what is right? Here’s why we want to be doing this - principles
kasneb NEWSLINE, Issue No. 1, January - March 2018 5 ORGANISATIONAL AND INDIVIDUAL LEARNING
interactive cycle of invention, observation, reflection and action.
“It is the capacity to build knowledge through individual reflection about external stimuli and sources and through the personal re-elaboration of individual knowledge and experience in light of interaction with others and the environment” (Sinitsa, 2000).
It encompasses creation of knowledge through transformation of experiences, that is, individual learning develops from the individual experiencing personal growth • Allindividuals learn - whether they do it consciously or unconsciously. It and the knowledge gained by working together with is a fundamental requirement of existence. those surrounding the individual. Individual learning is a • Individuallearning is defined as the capacity to build knowledge through continuous activity and the individual learner has the sole individualreflection about external stimuli and sources and through the responsibility for his/her own development. personalre-elaboration of individual knowledge and experience in light of interaction with others and the environment. Individual learning covers increase in knowledge, achieving of higher/better skills and competencies and changes in values and attitudes. Learning is quite possibly linked to replacement of senior personnel and complex and varied covering issues like knowledge, wholesale revision of systems. Organisational learning values, skills, attitudes, insights, beliefs and habits. contributes to the development of a firm’s resource capability. This is according to the principle of human Learning is essentially an individual effort but it can be resource management which states that it is necessary collectively achieved in groups/organisations. It could to invest in people in order to develop intellectual capital be as a result of experience, failures and successes. required by the organisation and thus increase its stock It should be transformational bringing about positive of knowledge and skills. change in human welfare.
Individuals learn from themselves and from others, Deutero learning learning as teams or by interaction with others both within and without the organisation (Argyris, 1998). This is the highest organisational learning level of the Effective individual learning does not necessarily result in a model according to Argyris and Schon. It can be regarded learning organisation rather individual learning should lead as learning to learn. The members of an organisation to behavioural changes that clearly improve organisation ask more and more fundamental questions about their performance by becoming part of the organisation culture organisation, reflect on and inquire previous contexts for and processes. learning. Schon writes that this mode of organisational learning refers to the organisational capacity to set and solve problems and to design and redesign policies, SINGLE-LOOP LEARNING DOUBLE-LOOP LEARNING structures and techniques in the face of constantly “That’s interesting feedback. changing assumptions about self and the environment. “That’s interesting feedback, It could be a wake up call I’ll keep it in mind.” Organisational learning can occur in all three levels but that I’m working on the wrong project. I’ll investigate further.” the 2nd and 3rd learning levels are assumed to be of critical importance to enhance the survival and success of organisations. Leader Leader
Individual learning and development
Many theorists have come up with various definitions of Environment Environment individual learning. John Dewey described learning as an
6 kasneb NEWSLINE, Issue No. 1, January - March 2018 ORGANISATIONAL AND INDIVIDUAL LEARNING
Differences between learning, training and development (a) Learning is the process of increasing knowledge and skills thus developing the individual’s attitudes or beliefs so that he has the opportunity for increased choice. Learning at all levels is crucial for organisational continued existence. It involves acquiring skills, that is, the know how – physical ability to produce some action and knowledge, that is, know why – and the ability to articulate a conceptual understanding of an experience. (b) Training is an instructor-led, content-based Learning to learn: The training on how to develop strategies intervention leading to desired changes in behaviour. was not effective; so we are doing another training on how (c) Development is the process of growth and learning, to training effectively. resulting in change or progression.
Learning and development within organisations is not Employee training and development going to be delivered unless there is a development need. Employees should take the necessary steps to hone their skills and stay on top of their professions or fields The mixture of factors that lead to development of work. Employee training and development initiatives learning can transform organisations. Providing extra skills to employees not only increases safety and productivity • Imposed change: Change that happens within an but also leads to higher job satisfaction, which shows organisation either internally or externally driven up in better corporate performance. and leads to a need for different skills, knowledge and behaviours to be demonstrated. • Performance review: Development needs that arise Purpose for training and development as a result of reviewing current performance against (i) Creating a pool of readily available and adequate standards and results (actual or desired). replacements for personnel who may leave or move • Personal motivation: when an individual decides up in the organisation. to improve their knowledge and skills or alter their (ii) Enhancing the company’s ability to adopt and use behaviour in order to achieve personal goals, which advancements in technology because of sufficiently may be to achieve a promotion, take on a different knowledgeable staff. career, increase their happiness or make other (iii) Building a more efficient, effective and highly significant life changes. motivated team. This enhances the company’s competitive position and improves employee morale. (iv) Ensuring adequate resources for positioning the firm to new programs.
In a learning organisation, leaders are designers, stewards and teachers. They are responsible for building organisations where people continually expand their capabilities to understand the complexity, clarify vision and improve shared mental models - that is, they are responsible for learning - Peter Senge
kasneb NEWSLINE, Issue No. 1, January - March 2018 7 ORGANISATIONAL AND INDIVIDUAL LEARNING
The training process (steps)
(i) Understand the organisation’s objectives READY (ii) Undertake a needs assessment Prepare the organisation (iii) Determine any gaps for learning (iv) Set the training objectives (v) Select the trainee (vi) Select the training methods and mode (vii) Choose a means of evaluating LEARN (viii) Administer training Deliver learning solutions (ix) Evaluate the training with impact
General benefits from employees training and development TRANSFER Guide the transfer of (i) Increased job satisfaction and morale among learning to the job employees. (ii) Increased employee motivation. (iii) Increased efficiencies in processes, resulting in financial gain. SUSTAIN (iv) Increased capacity to adopt new technologies and Embed the learning outcomes into methods. long-term organisational culture (v) Increased innovation in strategies and products. (vi) Reduced employee turnover. (vii) Enhanced company image such as through the future. conducting ethics training. • Look for learning opportunities in everyday activities. (viii) Risk management. • Explain the employee development process and encourage staff to develop individual development plans. For employees training to be successful, management • Support staff when they identify activities that make should: them an asset to your organisation, both now and in the future. • Provide a well-crafted job description. It is the foundation upon which employee training and development activities are built. CONCLUSION • Provide training required by employees to meet the A learning organisation remains competitive and basic competencies for the job. This is usually the adaptive to market changes. To achieve this, employees supervisor’s responsibility. should support the learning culture by being receptive • Develop a good understanding of the knowledge, to new ideas and developing a thirst for gaining new skills and abilities that the organisation will need in knowledge. The result is a motivated team leading to achievement of organisational objectives. The Learning Organisation
Organisations learn only through Adaptive Generative Learning individuals who learn. However, Learning Learning Organisaton individuallearning does not guarantee organisationallearning. But without it, • Facilitates the learning of its members no organisatioal learning occurs • Continuously transforms itself • Is better situated for change - Peter Senge, The Fifth Discipline • Implications for leadership and organisational culture
8 kasneb NEWSLINE, Issue No. 1, January - March 2018 INFORMATION TECHNOLOGY (IT) SECURITY GOVERNANCE AND THE INTERNAL AUDITOR’S ROLE
CPA Abdhallah Mambo Dallu, Internal Auditor, Umma But the sophistication and persistence of those attacks University depend on the attractiveness of that organisation as a target, primarily its role and assets. Today, threats originating from misguided individuals have been Introduction replaced by highly skilled international organised crime groups or foreign nation states that have the skills, he threat to technology-based information assets personnel and tools to conduct sophisticated covert is higher now than it has been in the past. As T cyber espionage attacks. technology has advanced, so too have the tools and methods employed by those who seek to gain In today’s era of lightning-quick social media sharing, unauthorised access to data or disrupt business brand protection has become even more important processes. Attacks on any organisation are inevitable. for technology, media and communications (TMC) companies. In the face of social media and mobile applications use by customers and employees and the relentless tide of cyber threats, including growing The3 most common insider threats public disclosures of data leaks and breaches, many TMC companies are beginning to re-evaluate how they Modifyingor stealing Theftof trade secrets or Sabotage of an interact with other organisations and how they safeguard confidential or customerinformation organisation’s against breaches. Without question, loss or theft of sensitiveinformation tobe used for business data, systems or for personal gain advantageor to give to network any type of high-value data can have lasting, negative aforeign government or organisation effects on an organisation from both operational and brand perspectives. Everything negative that happens to a company and becomes public can damage its brand and cyber breaches and loss of internet protocol are some of the fastest ways for this damage to occur.
kasneb NEWSLINE, Issue No. 1, January - March 2018 9 INTERNAL AUDITOR’S ROLE IN IT SECURITY
5 steps to increase a company’s cyber security awareness Belowis a list of 5 steps an organisation can take towards better cyber security practices and increased awareness. It is important to keep in mind that cyber security is an ongoing process that starts with awareness.
What is cyber security? • Lack of effective network zoning, or compliance thereof. Cyber security is the body of technologies, processes • Inadequate hardening and patching. and practices designed to protect networks, computers, • Poor access control practices such as uncontrolled programs and data from attacks, damage or group passwords, shared accounts, proliferated unauthorised access. The term “cyber security” refers to privileges, shared root access, absence of an business function and technology tools used to protect authorisation process (except at a low operational information assets. Data is increasingly digitised and the level). internet is being used to save, access and retrieve vital • Lack of security compliance audits and reviews. information. Protecting this information is no longer a • Absence of an authority figure for decisions affecting priority but has become a necessity for most companies the security and integrity of infrastructure and and government agencies around the world. information assets.
Reliance on security technology
We live in a world driven by technology. It is not Am I using uncommon for companies to first turn to technical Are my employees technology that Are my cyber Are they actually following helps enforce these policies reasonable? security solutions without addressing how those the policies? policies? solutions are going to be implemented, maintained documented? and managed on a day-to-day basis. Too often we see organisations implement technical security safeguards, The user is the such as firewalls or intrusion detection, but fail to MOST IMPORTANT implement proper security policies or procedures. As SECURITY a result weak practices persist that undermine security MEASURE and expose assets to significant risk. The following are just a few examples of such practices:
• Non-existent security policies or procedures. A cyber security policy is a formal set of rules by which those people who are given access to company technology • Outdated and/or ignored security policies, where and information assets must abide. The cyber security they do exist. policy describes the technology and information assets that • Poor awareness of security practices at all levels. we must protect and identifies many of the threats to those assets.
10 kasneb NEWSLINE, Issue No. 1, January - March 2018 INTERNAL AUDITOR’S ROLE IN IT SECURITY
ITSecurity Policy Framework The role of IT security governance POLICY Ashort written statement that defines a course ofaction that applies to the entire organisation Security governance is the glue that binds together all the core elements of cyber Adetailed written definition of how software defense and effective risk management. Standard and hardware are to be used Without it, dangers persist and the resulting Writteninstructions for how to use the policy compromise of assets is inevitable. Procedure and standard Moreover, senior leadership is unaware of their organisation’s risk exposure, for which Suggestedcourse of action for using the policy, they will ultimately be held accountable. Guideline standard or procedure
AnIT security policy framework is a hierarchical framework for documenting Security cannot exist in a vacuum and must and implementing a set of IT security policies. be part of a larger risk management strategy, driven by the organisation’s business goals, objectives and values. Organisations must Some policies can have multiple guidelines, which are recommendations be aware of their risk tolerance threshold, as to how the policies can be implemented. Finally, information security management, administrators and engineers create procedures from the or “level of acceptable risk.” This threshold standards and guidelines that follow the policies. may vary by asset grouping. For example, an organisation may tolerate a certain amount of risk when the impact is considered low, but may be very risk averse regarding anything that The end result is an enterprise that feels secure because might adversely impact its reputation. it has invested in security solutions, but has so many inherent vulnerabilities that little meaningful security Governance is the mechanism by which those protection is achieved. In this case, a dangerous risk-related values are reflected in direction and sense of false confidence exists, but the organisation judgement that shape business plans, information remains extremely vulnerable to attacks, with intruders architecture, security policies and procedures, as well exploiting those weak practices to circumvent technical as operational practices. However, providing direction security solutions and gain control of systems. This without having any means to ensure that it is followed is is not theoretical; it is a common scenario that has meaningless. Thus, compliance is the critical feedback been observed as a root cause in many well publicised loop in security governance. It ensures that everyone is and successful attacks on major corporations and working according to plan, as a team, to deliver business government agencies. activities and ensure the protection of assets within the context of risk management and security strategy and direction. Where that is not Security Policy possible, it ensures that variances that Access to result in risk exposures are made known at networkresource the leadership level, so that they can either will be granted Passwords decide to accept these risks, or provide will be 8 througha unique characters user ID and mitigating direction and the resources password long POLICY necessary to address them.
Passwords shouldinclude onenon-alpha Executive responsibility for andnot found STANDARDS in dictionary IT security governance
In the past, security was often left to managers and administrators at the GUIDELINES,PROCEDURES and PRACTICES technical and operational levels. However, as both technology and the nature of threats
kasneb NEWSLINE, Issue No. 1, January - March 2018 11 INTERNAL AUDITOR’S ROLE IN IT SECURITY
that risks are being managed effectively. Yet the reverse is often true, and they are unaware CEO Board that their organisation remains extremely vulnerable through endemic failures in the governance process. Ultimately, critical risks persist, where senior management Risk IT Cybersecurity InternalAudit may have been uninformed, but is still held Management Management accountable. This false sense of security is extremely dangerous for an organisation and results in an uncontrolled state of risk and liability. Application Application Infrastructure Support Development To meet modern security challenges, organisations must consistently apply effective risk management practices at all levels. Risks must be made visible to senior Cybersecurity management. These executives must play IT governance structure Operations a key role in either accepting those risks or incorporating cybersecurity directing activities and enabling resources to mitigate them to acceptable levels from a business, legal, legislative and regulatory standpoint. have increased in scale and complexity, the ultimate To do that, senior management must have visibility responsibility for protecting an organisation’s mission regarding responsibility and accountability in each and assets is now being been laid at the doorstep of instance. senior management.
It is interesting to note a potential divide in the perspectives of CEOs and line managers. While we have Defining internal audit’s role in cyber seen senior management in organisations insist on the security creation of security policies and procedures in response to the industry recognition of increased threat and the Effective risk management is the product of multiple importance of security best practices, we have also layers of risk defense (See diagram overleaf). Internal seen instances where adequate policies and procedures audit should support the board in understanding the exist, but have not been implemented consistently (or effectiveness of cyber security controls. at all) at the operational level. These three lines of defense for cyber security risks The end result is that senior leaders are confident that can be used as the primary means to demonstrate and their responsibility for diligence has been satisfied and structure roles, responsibilities and accountabilities for decision-making, risks and controls to achieve effective governance risk management and assurance. ITGovernance Framework Business operations perform day-to-day risk Corporate management activities such as risk identification and risk requirements Alignment assessment of IT risk. They provide risk responses by defining and implementing controls to mitigate key IT AccountabilityRisk risks and reporting on progress. An established risk and management Industry control environment helps accomplish this. standards Resource Reportingmanagement Risk management is the process of drafting and implementing policies and procedures, ensuring that Regulatory Delivery existing procedures are kept up to date, responding environment to new strategic priorities and risks, monitoring to ensure compliance with the updated policies and
12 kasneb NEWSLINE, Issue No. 1, January - March 2018 INTERNAL AUDITOR’S ROLE IN IT SECURITY
Roles and responsibilities
• Include risk-informed decision-making into daily operations 1st line of defense • Define accepted risk levels and escalate any risks outside of Business and IT functions tolerance • Perform risk mitigation procedures as appropriate
• Establish risk governance, including baselines, policies and 2nd line of defense standards Information technology risk • Implement risk mitigation tools, procedures and monitoring management functions • Provide risk oversight
• Independently assess program effectiveness 3rd line of • Report risk management effectiveness to the Board defense • Comply with SEC requirements and disclosure obligations Internal related to cybersecurity risks audit Given recent high profile cyber attacks, data losses and regulatory expectations, it is critical for internal audit to understand cyber risks and be prepared to address the questions and concerns raised by the Audit Committee and Board. providing surveillance over the effectiveness of 3) Recognise that cyber security risk is not only the compliance controls embedded in the business. external; assess and mitigate potential threats that could result from the actions of an employee or As the 3rd line of defense, what steps can business partner. internal audit take? 4) Leverage relationships with the audit committee 1) Work with management and the board of directors and board to heighten awareness and knowledge to develop a cyber-security strategy and policy. on cyber threats, and ensure that the board remains highly engaged with cyber security matters and up 2) Identify and act on opportunities to improve the to date on the changing nature of cyber security organisation’s ability to identify, assess and mitigate risk. cyber security risk to an acceptable level.
GoverningBody/Audit Committee
SeniorManagement 1stLine of defence 2ndLine of defence 3rdLine of defence External AuditExternal Regulator Financialcontroller Security Internal Riskmanagement Management control InternalAudit controls measures Quality Inspection Compliance
kasneb NEWSLINE, Issue No. 1, January - March 2018 13 INTERNAL AUDITOR’S ROLE IN IT SECURITY
METHODS SECURITYMEASURES FOR PROTECTION
Spam Access controls Identity theft Communications protection
Maliciouscode. such as viruses, Physicaland environental protection worms, trojan horses System protection Phishing attacks Continuity planning Spyware Incident reporting Denial-of-service attacks Legal compliance Packet spoofing Ransomware
5) Ensure that cyber security risk is integrated formally Internal audit focus areas into the audit plan. Organisations must constantly monitor cyber security 6) Develop and keep current an understanding of how practices, policies and plans. This is where internal emerging technologies and trends are affecting the audit plays a crucial role. Once cyber security plans are company and its cyber security risk profile. created, organisations should enlist internal audit to do 7) Evaluate the organisation’s cyber security program what it does best – test for effectiveness and efficiency against the NIST Cyber Security Framework, of controls and protocols and provide the board and recognising that because the framework does not management with assurance about those protections. reach down to the control level, the cyber security There are four areas where internal audit focuses on program may require additional evaluations of ISO cyber security: 27001 and 27002. 1) Provide assurance over readiness and 8) Seek out opportunities to communicate to response. According to The IIA Audit Executive management that, with regard to cyber security, Center’s 2016 North American Pulse of Internal the strongest preventive capability requires a Audit report, just one in four respondents who combination of human and technology security; reported having a business-continuity plan a complementary blend of education, awareness, said it provided “clear, specific procedures for vigilance and technology tools. responding to a cyber-attack.” What’s more, 17 percent reported their plans had no such 9) Emphasise that cyber security monitoring and cyber procedures at all. This is the kind of data that incident response should be a top management should keep the C-suite and board up at night. priority; a clear escalation protocol can help make the case for; and sustain, this priority.
10) Address any IT/audit staffing and resource shortages as well as a lack of supporting Evidence Artifacts/ Audit technology/tools, either of Evidence which can impede efforts Audit Conclusions Results to manage cyber security Evidence risk. Records
Auditprovides evidence of the effectivenessof the controls Controls
14 kasneb NEWSLINE, Issue No. 1, January - March 2018 INTERNAL AUDITOR’S ROLE IN IT SECURITY
2) Communicate to the board and Reasonswhy internal audit departments do not audit cybersecurity executive management the Internalaudit lacks the competencies (skills and knowledge) necessary to level of risk to the organisation provide audit services related to cybersecurity 65% and efforts to address such risks. Understanding how much of Internalaudit lacks the tools to audit cybersecurity a risk cyber-attacks pose and what 55% is being done to mitigate them is Internal audit has not assessed risk related to essential to managing the risk. 26% cybersecurity 3) Work collaboratively with IT and other parties to build effective Internalaudit lacks the time to audit cybersecurity 22% defenses and responses. Cyber risk is a business risk, not just an IT risk. Internalaudit does not have the support of executive management 19% to audit cybersecurity Too often, it is magnified, modified and mystified by being supported solely by IT systems. Building strong, Internalaudit is assessed by an external assurance provider 16% collaborative relationships between internal audit and IT will help ensure Internalaudit does not have the support of the board/audit committee 16% to audit cybersecurity mitigation efforts and responses are effective. 14% Internalaudit is assessed by another internal assurance provider 4) Ensure communication and coordination. This may be the Internal audit has assessed risk related tocybersecurity as a low risk to the 7% organisation most valuable benefit internal audit can offer. Because a Source:Global Perspectives and Insights well-resourced and effective internal
Internal audit can help organisations review and test audit function has a broad perspective about cyber security, business-continuity and disaster- organisational risks, it is in an ideal position recovery plans. The potential for reputational harm to promote communication and coordination that poorly managed business disruptions create is about cyber risks across the organisation. significant, and it is far better to find faults through mock exercises than in a real-life scenario. Turf battles over who “owns” the cyber security risk are counterproductive and weaken the Action items for Risk and Internal Audit Given internal audit’s key role in effective cyber-security, there are ten actions that IA can take 1 Develop strategy and policy Work with management and the board to develop a cyber-security strategy and policy 2 Seek to have the organisation become “very effective” in its ability to identify, assess and mitigate Become “very effective” cyber-security risk to an acceptable level 3 Recognise “internal” threats Recognise the threat of a cyber-security breach resulting from the actions of an employee or business partner 4 Leverage board relationships to: heighten the board’s awareness and knowledge of cyber-security risk Board awareness and engagement ensure that the board remains highly engaged with cyber-security matters and up to date on the changing 5 nature and strategic importance of cyber-security Audit plan integration Ensure cyber-security risk is forally intrgrated into the audit plan
kasneb NEWSLINE, Issue No. 1, January - March 2018 15 INTERNAL AUDITOR’S ROLE IN IT SECURITY
organisation’s cyber security efforts. A unified effort (a) Resist where roles are clearly defined creates the best The recent WannaCry cyber-attack provided a conditions for deterring cyber-attacks, executing shocking wakeup call that even the most basic business-continuity plans when cyber breaches phishing attacks still can have devastating impacts. occur and building cyber-resilient organisations. The ransom ware virus, which claimed more than 200,000 victims in 150 countries, could have been Building effective cyber-resilience successfully rebuffed with basic cyber security measures. plans • Instruct employees on defensive cyber etiquette, Despite its complexity and formidable challenge, and enlist internal audit to test for compliance. effective cyber security is within the reach of most • Take advantage of available frameworks organisations. By using the “Four Rs” – resist, react, and guidance, such as NIST’s Framework recover and re-evaluate – organisations can build for Improving Critical Infrastructure Cyber effective cyber-resilience plans. security or the Nymity Privacy Management Accountability Framework. • Understand the process and importance of software and data updates, and enlist internal Financial audit audit to test for compliance. IT audit • Test IT controls regularly. Accounts and disclosures Key controls (automated controls) (b) React Application controls Business process When a cyber-breach occurs, a crisis-management General IT infrastructure controls Key controls plan is an essential component of effective business- continuity management.
• Immediately assess the scope of the breach and method for addressing it. Cyber in the audit • Ensure that each part of the organisation understands and carries out its role in crisis- Understanding of cyber Cyber IT controls management and business-continuity plans. Technical deep dives • Communicate with transparency and with a Breach investigations single voice.
16 kasneb NEWSLINE, Issue No. 1, January - March 2018 INTERNAL AUDITOR’S ROLE IN IT SECURITY
Establish a Create a cross- Study cyber Focus on Invest in risk Obtain cyber A rough proactive and functional patterns and rough figures, mitigation insurance plan is okay systematic tea of senior attack modes not precise measures to provide - becoming process for management to to develop estimates and to protect contigent resilient to managing plan for cyber a tailored avoid analysis company capital and cyber risk standard security events approach to paralysis. assets at specialised starts with a systems and consider protecting greatest risk. assistance in single step. hygiene. hypothetical company the event of an attacks. assets. attack.
• Internal audit should monitor and assess the Conclusion response. Most people think that IT Security and Internal Audit (c) Recover are two different fields within the solid structure of a Strong business-continuity planning and proper company, so they aren’t related and work in a totally execution of those plans can help an organisation different mechanism. However, it turns out that internal quickly recover from a cyber-breach. audit can actually play an important part in strengthening • Identify necessary steps to safely and quickly cyber security and the accountant doesn’t need to restore business operations. understand the whole technical terms at all. • Ensure frequent internal communications With the increasing threats in cyber security and more throughout the recovery. breaches within the past years to not only international (d) Re-evaluate companies but the local companies as well, the internal Analysis of processes, procedures and their audit department must start to see the possible execution is essential once the crisis has passed opportunities of how their expertise can be used in the and operations are restored and secure. company’s risk management and assessment. When the auditor understands the whole concept of the • Look for ways to improve the crisis response. business, the objectives, the strategies, the information • Determine training/retraining needs. the company produces, and what matters the most • Consider what role, if any, corporate culture for them, the auditor can help in strengthening the played in contributing to the breach. most important aspects and elements of the structure, • Review data and security privacy policies. resulting in better and stronger cyber security. • Consider what role, if any, third-party risks played in contributing to the breach. Internal audit needs to “rebrand” itself as Successful cyber security requires a unified and a strategic partner that delivers more value coordinated effort. Management and boards can than what stakeholders would traditionally manage the effort effectively if they understand the expect, particularly in emerging risk areas like scope of the challenge, commit the necessary resources technology advancements, cybersecurity and to develop and execute an informed strategy, support privacy threats and more. internal audit’s independent oversight and review and David Toh nurture open communications and cooperation among PwC Singapore’s Internal Audit Leader the key players.
kasneb NEWSLINE, Issue No. 1, January - March 2018 17 Royal Business School (Nairobi)
Background ·Courses ------Offered ------· Certificate in Accounting and Royal Business School is an institution founded ���-f���oo on Christian values in January 2009. The school Management Studies (CAMS) CIFA was established by a team of diverse forward Certified Public Accountants(CPA) Certified Investment and Financial thinking professionals with a vast experience Analysts (CIFA) and a deep passion for professional training. Certified Credit Professionals (CCP) Royal Business School has experienced Accounting Technicians Diploma CPA,CCP tremendous growth and continues to help (ATD) Diploma in Credit students achieve their career goals in the Management (DCM) ATD,DCM & CAMS shortest timepossible. (ntry Requirements Fee from Ksh. 17,000 Why Choose RBS? Diploma Courses: C- (minus) Professional Courses: C+ (plus) mean grade and C+ Competent lecturers (plus) in English and Mathematics Flexible classes for working students Timely syllabus coverage Free internet for students Free revision classes Rf GISIRAIION IN PRUGH( SS Free accountingpackages Early Morning Classes: 6:20am - 7:50am Day Classes: RBS is kasneb accredited and 8:30am - 4:00pm fully registered with Evening Classes: 5:30pm - 7:30pm Ministry of Education Late Evening Classes: 7:30pm - 9:15pm
18 kasneb NEWSLINE, Issue No. 1, January - March 2018 Royal Business School (Nairobi)
INTEREST RATES: SHIFT FROM PRICE MECHANISM TO PRICE CONTROLS
CPA Cliff Oirere Osoro, Lecturer, Taita Taveta University loanable funds may be justified on the following grounds: Background ·Courses ------Offered ------· Certificate in Accounting and ost individuals or business entities often find • Compensate the lender for having postponed Royal Business School is an institution founded ���-f���oo on Christian values in January 2009. The school Management Studies (CAMS) CIFA Mthemselves with either an excess or deficit in supply present consumption to the future. The future is was established by a team of diverse forward Certified Public Accountants(CPA) of funds, hence creating the need to lend or borrow (rent) characterised by uncertainties hence the lender Certified Investment and Financial thinking professionals with a vast experience money. The rent price of money is called the interest. It is needs to be compensated for having foregone Analysts (CIFA) and a deep passion for professional training. the monetary compensation made to the lender for having present consumption. Certified Credit Professionals (CCP) provided surplus funds to the borrower. Interest is usually • Compensate the lender for the lost income from the Royal Business School has experienced Accounting Technicians Diploma CPA,CCP expressed as an annual percentage of the nominal amount investment. Since the lender would have invested tremendous growth and continues to help (ATD) Diploma in Credit of money borrowed. In the factor markets characterised the borrowed funds to generate returns. students achieve their career goals in the Management (DCM) ATD,DCM & CAMS by the four factors of production: land, labour, capital and • Compensate the lender for the risk of default that shortest timepossible. Fee from Ksh. 17,000 entrepreneurship, interest is the factor reward or earnings may occur if the borrower fails to pay the amount (ntry Requirements for capital. Interest is thus considered to be payment to or borrowed. return on capital in the sense that it is payment to those who • Compensate the lender for the loss of purchasing Why Choose RBS? Diploma Courses: C- (minus) provide loanable funds, which are used for the purchase of power due to increases in prices over time. Professional Courses: C+ (plus) mean grade and C+ capital assets. The payment of interest to the providers of Competent lecturers (plus) in English and Mathematics Interest rate determination Flexible classes for working students Timely syllabus coverage There are two broad approaches to the determination Free internet for students of the prevailing interest rates in the market: Free revision classes Rf GISIRAIION IN PRUGH( SS 1) Price mechanism (equilibrium approach) Free accountingpackages Early Morning Classes: 6:20am - 7:50am Day Classes: 2) Interest rate controls. RBS is kasneb accredited and 8:30am - 4:00pm fully registered with Evening Classes: 5:30pm - 7:30pm Why pay interest? 1. Price mechanism Ministry of Education Late Evening Classes: 7:30pm - 9:15pm
kasneb NEWSLINE, Issue No. 1, January - March 2018 19 INTEREST RATES
This approach uses the concept of equilibrium to determine the interest rate to prevail in the market over a given period. Using this approach, the interest rate is determined using the forces of demand and supply, that is, at the point of intersection between the demand for loans and the supply for loans in the market. There are two theories that explain the rate of interest according to the demand and supply of money.
(a) The classical (loanable funds) theory. (b) The Keynesian (liquidity preference) theory.
(a) Classical theory of interest This theory argues that one of the key functions of money is to act as a medium of exchange. Thus, the demand for money is a result of the demand for capital The demand for loanable funds is negatively related to assets required for production. The demand comes from the level of interests , that is, the lower the interest rate, firms that wish to acquire capital assets for investment. the higher the demand for loanable funds. The supply In determining the amount of investments, firms would of loanable funds has a direct relationship with interest compare the real cost of investment with their marginal rates, that is, the higher the interest rates the higher productivity. Thus, at low interest rates the demand for the supply of loanable funds. Equilibrium interest rate capital would be high and as the interest rate increases is determined at the point of intersection between the the demand for capital would reduce. Therefore, the demand for loans and the supply for loans. demand curve for funds will slope downwards from left to right. Limitations of the classical theory
The major determinant of the supply of loanable funds Despite the fact that the theory provides a logical is the amount of savings by individuals in the economy. argument on interest rate determination, it has been Individuals have time preference and would prefer present criticised on the following grounds: consumption as compared to future consumption. To • It assumes that the demand for loanable funds is encourage savings, there is need to compensate them mainly from the firms for investment purpose. This is for having forgone present consumption and for the not the case since individuals and governments may loss in purchasing power. Thus, at high interest rates, also borrow. Equally the supply for loanable funds is people will be encouraged to save and lend. If the assumed to be entirely from individual savers which interest rate is low, people will be discouraged from may not be the case as firms may also have savings. saving and lending. Hence, the supply curve of loanable • It assumes a simplistic linear relationship between funds slopes upwards from left to right. The equilibrium the demand for capital and the interest rates which interest rate is determined by the interaction between is not realistic as projects are influenced by many demand and supply for loanable funds as shown below. factors including social and political factors. • It assumes that money is borrowed entirely for the purchase of capital assets. This is not true Interest ss rate because money can be borrowed for the purchase of consumer goods such as cars or electronics. • It assumes that the decision to save depends i Interest rate entirely on the rate of interest, that is, simple linear relationship between savings and interest rates. D dd However, this is not true for people can save for purposes other than earning interest, such as going
Q Loanable funds for holidays or for precautionary motive against future unforeseen events.
20 kasneb NEWSLINE, Issue No. 1, January - March 2018 INTEREST RATES
• Ignores the credit creation process by commercial unseen contingencies. In this case, money is kept banks by assuming that its only what is saved that in liquid form to cater for unplanned expenditure is loaned out. However, in reality commercial banks such as illness, job loss and accidents. The are able to give out more than what is available as higher the income of an individual, the higher the deposits. Equally not all that is saved is automatically amount kept for precautionary purpose. Thus, the given out as loans. precautionary demand for money is an increasing function of income, that is, Pdm=f(y). (b) Liquidity preference theory (iii) Speculative demand for money (Sdm): Keynes equally argued that money acts as a store of value. This theory is also referred to as the Keynesian Theory Thus, an individual may prefer to keep stock of and was put forward by the Lord John Maynard Keynes liquid cash in order to take advantage of profitable in 1936. Keynes used the concept of liquidity preference investment opportunities that may come up in the to refer to the demand for money or the desire to hold financial markets such as an issue of high return money in liquid form rather than other forms of wealth. government bond. The speculative demand for He used this concept to explain how interest rates can money varies inversely with interest rates, that is, be determined in the economy. Keynes argued that the Sdm=f(r).The total demand for money (Dm) is the rate of interest is determined through the interaction sum of all the three types of demand for money: between the supply of money and the desire to hold money. In his argument the desire to hold money in Dm=Tdm+Pdm+Sdm liquid form has three motives: The demand for money has a negative slope (i) Transactions demand for money (Tdm): because of the inverse relationship between the According to Keynes, money plays an important speculative demand for money and the interest function of acting as a medium of exchange. rates. This implies that at high interest rates the Individuals need money to purchase goods and demand for money is low while at low interest services and firms need money to purchase raw rates the demand for money is high. Money supply materials and hire other factors of production. in the economy is assumed to be fixed by the People receive income periodically either on government and the size is perfectly inelastic with monthly, weekly, or yearly basis but spend daily, respect to the change in interest rates. The level of therefore money is needed in liquid form to meet interest rates in the economy would be determined their day to day expenses. The higher the income through the interaction of the fixed money supply of an individual the higher the amount kept for and the liquidity preference curve as shown below: transaction purpose. Thus, the transaction demand for money is an increasing function of income, that is, Tdm=f(y) (ii) Precautionary demand for money (Pdm): Individuals and businessmen require money for
Individuals have expectations on the normal rate of interest rates.ms However, this may differ from
i
md
Q Quantity of money
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one individual to another. The horizontal part of the liquidity preference curve is referred to as the liquidity trap. It represents a situation where at abnormally very low interest rates individuals will hold their money in liquid form with the expectation that interest rates will rise to the normal level. Thus, the curve flattens out at the lower end because there must be a minimum rate of interest payable to the people to persuade them to part with money.
Limitations of the Keynesian theory
• Critics of the Keynesian theory argue that just like the exploitation of the producers. the classical theory the theory is indeterminate. It does not disclose the amount that needs to be kept Maximum prices (price ceiling) are imposed below the in liquid form for transaction, precautionary and equilibrium since the government considers that the speculative motive. prices determined by forces of demand and supply are • The theory ignores the real factors that influence too high and if let to prevail they may lead to exploitation interest rates. The theory views interest rates as of the consumers. purely a monetary phenomena. In August 2016, Kenya introduced price controls on • Interest is independent of demand for investment interest rates charged by commercial banks through funds. In reality this is not the case as demand for the signing into law of the Banking Amendment Act funds is largely influenced by the demand for capital. 2016. Effectively, Kenya joined the league of close to • Liquidity preference is not the only motive that forty countries that exercise such controls across the influences the interest rates. globe. According to the new law: • The theory does not explain the existence of multiple interest rates and the frequent fluctuations of interest (i) A bank or financial institution shall disclose the rates. charges and the terms relating to the loan before • Keynes ignored the fact that in reality, savings granting a loan to a borrower. exist. Without savings there cannot be liquidity to (ii) The maximum interest rate chargeable for any surrender. credit facility in Kenya at no more than four percent • It ignores the fact that individuals can hold cash and above the base set and published by the Central bonds at the same time to diversify their portfolio. Bank of Kenya (CBK). The minimum interest rate • The Keynesian theory is a short run concept whose granted on deposits held in an interest earning applicability is limited in the long run. account to be at least 7% of the base set and published by the central bank. 2. Interest rate controls (iii) A fine of one million shillings and/or a jail term of one A price control refers to a deliberate attempt by the year for the Chief Executive of the financial institution government to set either a minimum or maximum price for a commodity or service in the economy. Maximum prices are set with the aim of protecting the consumer from exploitation by the producer while minimum price control is set to guarantee the producer a certain minimum income and hence protect the producer especially in a period of declining prices in the market. Minimum prices (price floor) are imposed above the equilibrium price since the government considers that the price determined by the forces of demand and supply are too low and if let to prevail it may lead to
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for violation. Effect of increase in interest rates
The passing of this law was Personal Economy aimed at protecting the • Increased cost of borrowing • Currency will appreciate, making exports consumers, more especially less competitive and imports cheaper the uninformed low-income • Improved returns for savers • Inflation - will tend to be lower. consumers of credit facilities • Higher mortgage interest payments from the exploitation by • Economic growth - will tend to be slower financial institutions through • Increased cost of bank loans • Unemployment -could rise high interest rates and other • Banks may be more willing to lend hidden charges that are not • Government will see rising borrowing • Could reduce confidence of borrowers disclosed to the consumers at costs the time of entering into the loan contract. The law equally limits the spreads made by financial institutions depending on the base rate set by (v) Full information disclosure and affordability of the Central Bank of Kenya. However, critics of interest rate credit reduces the cost of default since consumers controls argue that the negative effects of such controls are are fully informed of the actual cost and duration more detrimental to the economy than the ills that the law of payment. seeks to remedy. (vi) Access to cheap credit aids the growth of the small and medium enterprises hence supports According to Habil Olaka (CEO of the Kenya Bankers the industrialisation agenda of the country. Association), “Capping the cost of loans has sapped energy from banks hence slowing down growth.” Negative effects He further adds that “once the full effect of the law becomes clear, the push to have the law revised According to Olaka, “The capping of interest rates is an would gain momentum.” The proponents of regulating outcome of an interplay of many factors some structural interest rates on the other hand argue that the financial and others policy. If high interest rates persist in the markets are imperfect and cannot regulate themselves economy, the remedy lies in addressing the policy and adequately. Leaving the determination of interest rate structural issues. Capping of interest rate does not to the free forces of demand and supply would lead to address a market failure problem but rather it introduces the exploitation of consumers since commercial banks several other negative effects in the economy.” Such would collude to charge the consumers exorbitant rates. effects include: • It discourages innovativeness aimed at developing Effects of controlling interest rates credit facilities targeting the high-risk borrowers. • Households and business firms would rush to the banks to access cheap credit which leads to credit Positive effects rationing. This is especially to the detriment of the (i) Protects the consumers of credit from high interest rates charged by the financial institutions. Thus, it makes credit affordable to the consumers. (ii) Access to cheap credit by consumers would lead to increased investment hence increased economic growth. (iii) Interest rate control helps in managing increased inflation in the economy. (iv) Instills discipline in the banking industry as it avails full information to the public on the expected repayment value on credit.
Discrimination in giving loans
kasneb NEWSLINE, Issue No. 1, January - March 2018 23 INTEREST RATES
and individuals. The increased demand for loanable funds by the government will shift the demand curve rightwards and upwards increasing the real rate of interest. This increases the opportunity cost of borrowing money decreasing the amount of interest sensitive expenditure such as investment and consumption. Thus, the government crowds out private investment.
LM
small and medium enterprises. • Banks may introduce tight credit conditions so as Interest to price risk within the limits of the caps. • It discourages the supply of funds to the financial system thus encouraging black markets where
loans are issued at high interest rates with stringent IS2 conditions. IS1 • Banks may introduce additional charges or modify the loan terms hence effectively increasing the cost Conclusion Interest of credit. While regulation of interest rates may have the benefit • Leads to credit concentration among the large of improving access to information and making credit borrowers with sufficient security. affordable to the consumers, it should be noted that it • It has the effect of reducing access to credit and this has the effect of limiting access to credit especially by may ultimately hamper economic growth. the risky small-scale borrowers. This would eventually • It complicates the application of the monetary lead to the emergence of black markets where credit policy. This is due to the fact that for the effect of will be offered under very stringent measures. Equally, it the monetary policy to be felt, the interest rates is important to note that very low interest rates may not have to be flexible. cover the overall cost of credit and this may discourage • If the interest rate is too low, it may not cover the investment in the banking industry which may eventually cost of credit hence banks may be suffering losses. hamper economic growth. Thus, the government and This may threaten the survival of small banks. other stakeholders need to consider other innovative • It may have a negative effect on the stability of the methods that may ease the cost of credit hence lowering capital markets since commercial banks control up the interest rates in the market. The stakeholders should to thirty percent stake of the Kenyan stock market. also consider the publication of interest rates by all the • It slows down credit to the private sector and the commercial banks. This would improve access to credit small firms. This may lead to plant closure, layoff of information and hence consumers will make informed employees and relocation of some shared functions choices. In the long run this will lead to increased especially in international banks. competition and low interest rates. • Poor performance of industries that rely on credit such as the motor vehicle industry. • It may lead to crowding off effect. This occurs when the commercial banks prefer to lend to the government as compared to lending to private firms
24 kasneb NEWSLINE, Issue No. 1, January - March 2018 WHAT MAKES A GREAT CREDIT PROFESSIONAL?
CCP Wasilwa Miriongi
any organisations still do not fully understand and that God and the folks at home are on their side. This is Mappreciate the important role played by credit another way of saying that soldiers fight best when they professionals. It is still lost to these organisations that having believe in the cause, and it is why an army of volunteers well-trained credit professionals is vital to realisation of is usually better than an army of conscripts.” A credit their missions. This article seeks to throw more light on this manager requires the support of other departments for critical role. their work to be successful.
If you are a Certified Credit Professional (CCP), one of the Credit is a challenging office and requires men and papers you sat for is Practice of Credit Management. women who are truly passionate about this role; This paper usually tests your understanding of credit people who push themselves to achieve. Results can issues within an organisation. The issues tested range be sometimes hard to come by in this department. No from credit policies, handling a collection department, wonder some credit officers feel like impostors just risk assessment among others. The paper deeply because they didn’t start out to work in credit. The reality explores the cold realities that a credit department deals with. For a well-trained credit professional therefore, identifying a poorly run credit department is not difficult and you should be equal to the task of addressing the situation.
To a well-trained credit professional, three most important hallmarks of wonderful business are: happy customers, profitable sales and positive cash flow. A true credit professional will deliver all three. As such, credit professionals should be recognised as the heroes/ heroins of business. They deserve much support in carrying out their duty.
Quoting Roger Mason’s book Credit Controller’s Desktop Guide: “Generals throughout the ages have known that their troops will fight more effectively if they believe
kasneb NEWSLINE, Issue No. 1, January - March 2018 25 GREAT CREDIT PROFESSIONAL
with credit limits and credit support arrangements A person among other roles. who feels appreciated In the past, credit departments have been poorly will always recognised for the valuable work that they do. The do more principles of best practice in credit risk management than what is need to be more understood and embraced. expected To carry out their work effectively, credit professionals require to possess the following basic skills:
• Knowledge of the financial ability of customers. is that no one sets out to work in credit, they fall into • Hands-on customer assessment by understanding it. Some hate every moment and last only a short time how to assess how much credit to allow; process while those who have what it takes go on to a long and orders quickly; collect funds on time. rewarding career. • Interpersonal, numeracy and literacy skills. There are various perceptions about a credit department. Credit management also incorporates: The sales people will sometimes refer to credit people as “sales prevention department’ whereas the finance • The art of integrating with sales colleagues. people will refer to them as the “bad debts people´. This • Cultivating/meeting customers. kind of reference is improper and serves to alienate the • Automated risk assessment integrated with order credit department. processing. • Thorough knowledge in collection techniques Gone are the days when organisations had the mentality including email, fax and videophone; electronic of “sell first; the rest will take care of itself.” Those who transfer of funds. eschewed that philosophy suffered bad debts, which in • A good understanding of external services: credit some cases accumulated to unsustainable levels. This reports (online), insolvency warnings, credit hastened the realisation that collection is as important insurance, factoring, collection agents, temporary as selling and that none of them can be seen in isolation. staff, outsourcing, shared service centres, call Credit needs as much support as any other department. centres, query resolution and analysis. As a credit professional practicing debt collection, I find • Knowledge in international payments; cross-border it quite surprising that many organisations I visit do not computer literacy, trade, using EDI documents and have a written credit policy. This means that most credit training needs to concentrate on all these of these organisations are lacking the services of real as well as focusing on the impact of any actions credit professionals to advise them on best practices.
For those who have listened to P. K. Kairu’s presentations, you must have heard a common analogy he draws between a credit manager and a priest: “A credit manager is like a priest who takes all the problems of the organisation; when the managing director has no money, he blames it on the credit manager; when the sales people have no allowances or are not selling, they blame the credit department; when salaries are delayed by the HR department, it is blamed on the credit department. They all blame it on the credit manager and he has to listen to all, just like a priest takes all the problems of the parishioners.”
It is worth remembering that credit control and collection are critical aspects of an organisation. Credit managers are the individuals who sit in the middle office and deal
26 kasneb NEWSLINE, Issue No. 1, January - March 2018 GREAT CREDIT PROFESSIONAL
on customer relationships and the needs of the business. • There are many aspects of changes in legislation which require the credit manager not only to keep up to date with what is going on, but also be in a
position to advise sales and marketing, production, CREDIT transport and distribution – in other words, be very much part of the eyes and ears of the company. Customer Business relationship needs These perhaps apply to the business environment as a whole, it important to note that this will affect the proper functioning of a credit department.
So, what makes a great credit professional? Great credit • Being naturally curious. Getting as much information professional are: as you can to make the best possible decisions. • Being results-focused. Hitting the monthly cash • Good communicators - Dealing with customers can targets (provided they are set correctly!) is what be challenging. Dealing with the other departments drives them. You have to feel the “buzz” - when a within your own business can be frustrating. payment arrives, when an account is cleared, when • Being a natural problem solver. So much time in an old balance is resolved - celebrate! credit is spent solving problems and correcting • Being confident in his/her own position. There is things that have gone wrong. Rather than getting need for courage to stand up for what is right, even annoyed by the issues, a true professional will relish when faced with opposition. This is more common the challenge to get things done, not only fixing where interdepartmental conflicts are concerned. the problem at hand but making the necessary • Empathy for customers (internal and external). adjustments to prevent recurrence. Make sure they are looked after courteously and • Being the go-to person - No doubt he has to be the professionally at all times. source of all information within your business, the • An understanding of the entire cash cycle of the go to person when information is required. business. • Keen attention to detail. Mundane tasks like cash • Being positive at all times - The credit manager needs entry and allocation, customer account and bank to present a positive picture of their achievements reconciliations have to be 100% accurate at all to the senior management team. Tell them what times. they have done (for example, cash collected, issues • Keeping an eye on the big picture at all times resolved) and avoid telling them what you didn’t do • An understanding of systems both manual and (for example, overdue debt, provisions and write computerised to maintain the required controls and offs). Most credit professionals focus exclusively to keep things moving seamlessly is a prerequisite on what they didn’t do and wonder why they are for a forward looking credit professional not appreciated! • Self-driven - one should work and behave as if an auditor is looking over your shoulder at all times. CONCLUSION
As is evident, credit professionals shoulder heavy responsibilities. Their role in an organisation is quite demanding and as such, they need as much support as Credit shoulders heavy any other department. A credit professional will perform responsibilities and best if he believes that he is a valuable member of the should be accorded staff doing a vital job and if he believes that the requests support just like other being made are entirely fair and reasonable. He should departments feel that his work is appreciated and that his bosses take an interest in it.
kasneb NEWSLINE, Issue No. 1, January - March 2018 27 HUMAN RESOURCE MANAGEMENT ARCHITECTURE AND POSITIONING
Dr. Kellen Kiambati, Management Consultant
uman Resource Management (HRM) is the strategic The Human Resource Architecture is one of three Hand coherent approach to the management of an architectures that form the infrastructure of an organisation’s most valued asset - the people working organisation. The others are metric architecture and there who individually and collectively contribute to the information architecture. The metric architecture achievement of the objectives of the business. consists of policies and practices that establish how things are measured while the information architecture Human Resource Architecture (HRA) is defined as consists of polices and practices establishing how we the way the human resource department has been know things. designed to function in line with an organisation’s vision, mission, objectives, strategies, plans, policies and activities. In any organisation, there exists a set of interrelated consequences that affect the control of human behaviour. Some of these consequences are embodied in formal policies, programs or procedures, HR but many are an unwritten part of the organisation’s culture.
What is HR? ORGANISATIONAL ARCHITECTURES Human resources is the set of individuals who make up the workforce of an organisation, business sector or economy. INFORMATION Other terms sometimes used include METRIC “manpower”, “talent”, ‘‘labour” or simply “people”.
28 kasneb NEWSLINE, Issue No. 1, January - March 2018 HRM ARCHITECTURE AND POSITIONING
The ideal HRM architecture should clearly state out how various HR functions should be conducted within an organisation. It should provide the infrastructure that supports virtually every decision-making or problem- solving process in the organisation. The HRA should play a key role in establishing the organisational behaviour norm, that is, how people are expected to act. It should clearly state the norms for the following:
• Selection criteria - recruitment criteria, promotion criteria, assessment centers, selection tools, new hire orientation, new leader training. • Training and development – new work process, • Policies and procedures - work rules, paid time team building, communication, participation, off, non-paid time off, absenteeism and tardiness, decision-making, problem-solving, interpersonal work location, overtime, problem solving/ grievance, skills and supervisory skills. progressive discipline, work scheduling: hours, days, cycle, breaks, lunches, coordination. Strategic workforce planning involves analysing and • Staffing – strategy, layoffs/displacements, forecasting the talent that companies need to execute outplacement, reassignment, retraining, right sizing. their business strategy proactively rather than reactively. • Diagnostics – employee surveys, focus groups, It is a critical strategic activity, enabling the organisation ongoing involvement, HR effectiveness surveys, to identify, develop and sustain the workforce skills assessment centers, HRIS information systems. it needs to successfully accomplish its strategic • Union relationships – mutual gains bargaining, intent whilst balancing career and lifestyle goals of its union avoidance, adversarial versus collaborative, employees. negotiation, contract interpretation, union security Strategic workforce planning is a relatively new and employee involvement. management process that is being used increasingly • Compensation and reward – cash: fixed/variable, to help control labour costs, assess talent needs, make non-cash: fixed/variable, benefits: fixed/ variable, informed business decisions and assess talent market pricing strategy linkage to performance. risks as part of overall enterprise risk management. • Job description – describing requirements, Strategic workforce planning is aimed at helping assigning work, valuing work, teamwork versus companies make sure they have the right people in the individual, work, dynamic job redesign, dynamic right place at the right time and at the right price. compensation. • Performance evaluation – individual-based, Through strategic workforce planning, organisations team-based, supervisor-generated, team-generated, gain insight into what people the organisation will multi rater, establishing expectations, performance need, and what people will be available to meet those criteria, measuring performance. needs. In creating this understanding of the gaps between an organisation’s demand and the available workforce supply, WFP- Getting it “right” organisations will be able to create and target programmes, approaches and develop strategies to close the Right people gaps. Ideal HRA should be planned to create Right cost Right skills the following deliverables: Workforce • People management philosophy. planning • Value creating HR strategy. • Performance enhancing HR Right time Right place management and development plans.
kasneb NEWSLINE, Issue No. 1, January - March 2018 29 HRM ARCHITECTURE AND POSITIONING
HR MANAGER
ADMINISTRATION MANAGER HRD MANAGER PERSONNEL MANAGER IR MANAGER
Training and development Counselling Appraisal Safety and Welfare Grievance health
Performance Potential appraisal appraisal
Recruitment and Job analysis Orientation and Canteen Medical Transport Legal relations Legal HRP selection and design Compensation placement
HR roles
• Computerised HR information systems. Human resource positioning (HRP) • Individual level performance standards. • Intellectual and human capital. Human resource positioning is defined as the position • Line managers with HRM competencies. of the human resource department in an organisation • HRM planning systems and tools. and also how it is set up to function. The organisation • Reward management systems and tools. and staffing of the HR function clearly depends on the • Human resources development policy and size of the business, the extent to which operations are procedures. decentralised, the type of work carried out, the kind • Employee health and safety policies. of people employed and the role assigned to the HR • Future management functional leaders. function. With regards to the ideal HRP, there are no • Work life balance. absolute rules for organising the HR function, but current • Team spirit and team working values and beliefs. practice suggests that the following guidelines should • Democratic and empowering HRM practices. be taken into account: • Innovative, creative, change-oriented, proactive and (i) The head of the function should report directly to the dynamic employees. Chief Executive Officer and should be on the board, • An incentivising package for staff attraction and or at least be a member of the senior management retention. or leadership team, in order to contribute to the • Employees achieving self-actualisation. formulation of corporate strategies and play a big part in the formulation of and integration of HR strategies and policies.
HR function in a decentralised organisation COMPANY Overall HR management
DEPT. A DEPT. B DEPT. C DEPT. D Overall HR Overall HR Overall HR Overall HR management management management management
30 kasneb NEWSLINE, Issue No. 1, January - March 2018 HRM ARCHITECTURE AND POSITIONING
HR architecture is a strategic asset Goal of HR strategy: maximise the contribution of HR towards the goal of corporate strategy
HR FUNCTION HR SYSTEM EMPLOYEE BEHAVIOURS HR professionals with High strategic competencies. performance, Strategically focused strategically competencies, (Delivery of HR services in aligned HR motivations a way that supports the policies and and associated implementation of the practices behaviours firm’s strategy
(ii) In a decentralised organisation, subsidiary (v) The function will be positioned and organised companies, divisions or operational units should be in accordance with the level of support and responsible for their own HR management affairs services it is required to give and the range of within the framework of broad strategic and policy activities that need to be catered for which could guidelines from the centre. include resourcing, management development, (iii) The central HR function in a decentralised training, reward management, employee relations, organisation should be slimmed down to the knowledge management and HR services in such minimum required to develop group human areas as health and safety, welfare, HR information resource strategies and policies. It will probably systems and employment matters generally. be concerned with resourcing throughout the group at senior management level and advising on both Conclusion recruitment and career development. It may also control remuneration and benefits policies for The most important principle to remember about the senior management. The centre may coordinate positioning of the HR function is that it should fit the industrial relations negotiating if bargaining has needs of the business. Proper HR policies serve to been decentralised, especially where bargaining ensure that the organisation has the right people, in the is related to terms and conditions such as hours right places, at the right cost. Like all other policies, HR of work, holidays and employee benefits. policies and strategies should be regularly reviewed to (iv) The HR function has to be capable of delivering ensure they remain relevant and valid. the level of advice and services required by the organisation. Delivery may be achieved by the direct provision of services but may be outsourced.
Trends in Human resource Management Responsibilities ?
Strategy
Consulting
Support
Administration
kasneb NEWSLINE, Issue No. 1, January - March 2018 31 CARLILE COLLEGE Educating for Transformation
LEADERSHIP DEVELOPMENT Church Army Africa
UPGRADE YOUR CAREER IN CERTIFICATE, DIPLOMA & HIGHER DIPLOMA COURSES SCHOOL OF BUSINESS • Certificate in Accounting and Management Skills (CAMS) • Accounting Technicians Diploma - ATD- Leves I, II, III • Certified Public Accountants - CPA Sec. 1 - 6 • Human Resource Management • Purchasing and Supplies Management • Business Management • Store Keeping / Project Management • Community Development • Social Work • Early Childhood Development Education (E.C.D.E) • Food and Beverage Management/ Basic Cookery • Electrical, Electronic Engineering-Artisan, Certificate, Diploma, Higher Diploma • Electrical Fitter and Wireman - Grades I; II� Ill • Counselling Psychology • Information Communication Technology - I.C.T / Computer classes • Secretarial Studies • Sales and Marketing Management • International Computer Driving Licence - ICDL • Computer Packages/Autocad/Quickbooks Diploma courses C minus and above, Certificate D plain in KCSE .i SCHOO(MISSION, BIBLICAL,L Of THEOLOGICAL, MISSIONS URBAN kasneb, KNEC, ABE:· i'cM� ABMA, ICDL, NITA AND PASTORAL STUDIES) r:ir Diploma in Christian Mission (Cross Cultural & Urban Mission) r:ir Diploma in Christian Mission & Civic Responsibilities r:ir Certificate in Christian Ministry r:ir Diploma in School Chaplaincy r:ir Diploma in Children & Family Ministry NB: Courses in this school are validated by St. Paul's University, Limuru
Whystudy at Carlile College We are a Christian College with a difference/ Free wifi/ Conducive study environment/ Recognized Certification/ Qualified staff/ .... An Accredited examination centre � .,. Also Available: Ground forevents, Hostel facilities Appl, Toda, Intake is ongoing For Admission & information Contact us on: 0733·228 144 / 0722•423 397, Email: [email protected] Location: We are strategically located along Jogoo Road at the Church Army Stage, UPDATES
5) After you are issued with your kasneb email, use that email only for communication on eLibrary or related matters.
6) Dormant accounts (inactive for more than two months) will be reallocated to deserving new applicants.
APPLICATION
One can apply through eLibrary link on kasneb website or by clicking the link below.
https://goo.gl/forms/RWfahMk4mQjUnkt92 You can access the library via computer Once you have filled and submitted the form and are successful, you will receive communication through the ACCESS TO kasneb eLIBRARY email you indicated when you applied for access.
ON EXTENDED TRIAL BASIS - NOTE 2018 Please note that kasneb DOES NOT offer notes or kasneb eLibrary (Online Learning Resources) is open to study packs. Note that the learning materials may all kasneb students for the year 2018 on extended trial not be specifically aligned to the kasneb syllabuses. basis (free of charge). Those who are already accessing Learners are advised to use their syllabus to identify since the 2017 trial will continue accessing and do not the relevant materials from the rich eLibrary collection. need to reapply. kasneb will endeavour to guide on the relevant materials through eLibrary reading lists which will be periodically TERMS AND CONDITIONS FOR ACCESS communicated through kasneb students emails.
1) One must be a current kasneb student of any of For any clarification please email to [email protected] the qualifications.
2) One must have their annual renewals up to date.
3) One must carefully and correctly fill all the details required through the online form on the link below. Incorrectly filled applications will be rejected without further reference to the applicant.
Once your application is successful, you will be issued with a kasneb email account with the structure [email protected]. Once one has activated their kasneb email, login details will be sent to that email.
4) Sharing of usernames and passwords is prohibited and each student should only use their credentials to access the eLibrary. You can access the library via mobile phone
kasneb NEWSLINE, Issue No. 1, January - March 2018 33
Snapshots of how to open akasneb account on an android platform SIGNINGUP Fornew students Foralready registered students Login using the email and password created
REGISTRATION
36 kasneb NEWSLINE, Issue No. 1, January - March 2018 UPDATES
EXEMPTION APPLICATION
EXAMINATIONBOOKING
STANDARDPAYMENT PROCEDURE FOR ALL SERVICES
kasneb NEWSLINE, Issue No. 1, January - March 2018 37 UPDATES kasneb SERVICES AVAILABLE AT HUDUMA CENTRES kasneb services are available at the following Huduma Centres:
kasneb MOBILE NUMBER NAME OF OFFICER IN CHARGE HUDUMA CENTRE Email address SAFARICOM AIRTEL Anthony M. Kimani Nyeri 0701698213 0737256315 [email protected] Caroline M. Makutwa GPO, Nairobi 0701699013 0737315992 [email protected] Christine M. Ndwiga Meru 0701699017 0737422739 [email protected] Collins M. Okomo Kisumu 0701699026 0737492586 [email protected] Edith A. Were Mombasa 0701699078 0737516847 [email protected] Egrah K. Masese Kisii 0701711465 0737543023 [email protected] Modesta C. Langat Nakuru 0795431440 0735031908 [email protected] Timothy K. Rotich Eldoret 0701713366 0737831524 [email protected]
The services offered at thekasneb counters at the Huduma Centres include:
(a) Inquiries (b) Fee payment at the Huduma Centre using Posta Pay (c) Student registration (d) Examination entry (e) Exemptions (f) Registration renewal (g) Request for dispatch of certificates
Kasneb services are available at Huduma Centres
kasneb CONTACTS
+254 020 4923000 www.kasneb.or.ke
0722201214 0774201214 0780201214 kasnebOfficial 0734600624 0792000638 0792002351
[email protected] @kasnebOfficial
kasneb Towers, Hospital Road, Upper Hill P.O. Box 41362 - 00100 Nairobi - Kenya
38 kasneb NEWSLINE, Issue No. 1, January - March 2018 UPDATES kasneb STUDENT FEE COLLECTION ACCOUNTS WITH BANKS Students, trainers, parents/guardians/sponsors, employers and other stakeholders are hereby informed of kasneb’s student fee collection accounts with the following banks:
(a) Kenya Commercial Bank Ltd. (KCB) Account Number: 1203681194 (b) National Bank of Kenya Ltd. (NBK) Account Number: 01001031572601 (c) Equity Bank Ltd. Account Number: 0170299238025 (d) Kenya Post Office Savings Bank Ltd. (Postbank)
Account Number: 0744130009246 (e) Co-operative Bank of Kenya Ltd. Account Number: 0112912853590 (f) UBA Kenya Bank Ltd. Account No: 55030160004156.
Students are required to complete the appropriate kasneb forms and relevant fee deposit slips (except for Postbank which does not use deposit slips). The students will be issued with one copy of the deposit slip and a computer generated slip for their records. However, for Postbank only a computer generated receipt will be issued.
Upon payment of the requisite fees to the bank, a cash deposit receipt will be issued to the payee. The completed kasneb forms will be left with the bank for onward transmission to kasneb together with one copy of the deposit slip.
Note: Students should ensure that all documents requiring certification, such as copies of academic and professional certificates and identity card/passport are certified before being handed over to the bank.
BANNING OF MOBILE PHONES FROM THE EXAMINATIONS ROOM
All students are hereby informed that mobile phones are banned from the examinations room.
Students are further required to note that disciplinary action will be taken against any student found in possession of a phone in the examination room, regardless of whether the phone was in use or not at the time of its detection.
kasneb NEWSLINE, Issue No. 1, January - March 2018 39 INTRODUCING THE TRAINEE ACCOUNTANTS PRACTICAL EXPERIENCE FRAMEWORK (TAPEF) A joint kasneb-ICPAK initiative being implemented from 1 July 2018 Isaac M. Njuguna - Examinations Director, kasneb
Introduction (IPD). Aspiring professional accountants are required to acquire sufficient practical experience to enable he umbrella body for professional accountants them demonstrate that they have gained technical globally is the International Federation of competence, professional skills and professional values, TAccountants (IFAC). One of the independent ethics and attitudes necessary for performing a role of standard setting boards under IFAC is the International a professional accountant. The practical experience Accounting Education Standards Board (IAESB). should be recorded in a consistent form, supported by IAESB is responsible for developing and promoting verifiable evidence and subjected to a periodic review International Education Standards (IESs) for professional by a workplace training supervisor. accountants and aspiring professional accountants The practical experience acquired will be evaluated as globally. These standards are grouped into two; Initial to relevance and sufficiency at the point of application Professional Development (IPD) standards which relate into membership of the Institute of Certified Public to the accounting qualification process, including Accountants of Kenya (ICPAK). All CPA graduates are entry requirements and required competencies, and expected to join ICPAK either as associate members continuous professional development (CPD) which (if they have not met the required practical experience relates to post qualification professional growth. requirements), or as full members where they have met The IESs issued by the IAESB are highlighted below: the mandatory experience requirement.
(i) IES 1 - Initial Professional Development: Entry kasneb and ICPAK, working jointly in an effort to ensure requirements to a programme of professional full compliance with IES 5, have developed the Trainee accounting education. Accountants Practical Experience Framework (TAPEF) (ii) IES 2 - Initial Professional Development –Technical to guide aspiring professional accountants in sourcing Competence. for relevant practical experience and ensuring that such (iii) IES 3 - Initial Professional Development – experience is properly documented for evaluation. Professional Skills. The TAPEF is expected to be rolled out with the (iv) IES 4 - Initial Professional Development – commencement of the revised syllabuses following Professional Values, Ethics and Attitudes. completion of the ongoing mid-term review of the (v) IES 5 - Initial Professional Development – Practical syllabuses. Experience. As part of preparations to ensure smooth roll out of the (vi) IES 6 - Initial Professional Development - TAPEF, piloting of the framework was undertaken among Assessment of Professional Capabilities and one hundred (100) CPA students with their respective Competence. work place supervisors. The overall experience from (vii) IES 7 - Continuing Professional Development. the pilot phase was good. The challenges noted during (viii) IES 8 - Competence Requirements for Audit the pilot phase have also been addressed to ensure a Professionals. smooth roll out. IES 5 prescribes the practical experience required of aspiring professional accountants (in this case, CPA Details of the TAPEF and its implementation are provided students) by the end of the qualification process below.
40 kasneb NEWSLINE, Issue No. 1, January - March 2018 Practical experience requirements (c) The work place training supervisor Experience only qualifies if there is a qualified work under TAPEF place training supervisor who is able to monitor, review and sign off the full 450 days of practical (a) Suitable employment experience experience obtained. The training supervisor at The practical experience gained has to be relevant the work place must at a minimum be a qualified in the accountancy or finance related roles. It is accountant and a full member of an IFAC registered expected that significant, if not all, of the work days accountancy body (such as ICPAK, ICPAU and required to meet the TAPEF requirements would be ICAEW). Such membership must be held throughout spent on activities and tasks related to accounting, the experience period being signed off. ICPAK will finance, audit and assurance or in other related from time to time issue separate guidelines relating technical areas such as taxation and management to accreditation of such supervisors. accounting. Internships and placements are generally relevant experience provided adequate A trainee accountant need not have one single work records are maintained. place training supervisor that covers the full 450 days of experience. Indeed this may not be possible (b) Minimum experience as the trainee accountant may be obtaining such (i) Start date – a trainee accountant is eligible experience from a number of different employments. to commence the practical experience As long as each employment period is covered requirements as soon as he/she has registered by a separate qualified training supervisor, the for the CPA programme. requirement for the 450 days will be cumulatively (ii) Minimum duration – to become a full CPA (K), a met. trainee accountant must complete 450 practical work experience days which are normally Because of the above requirement, self-employed expected to comprise of 3 years of full time experience does not meet the minimum work. Each day constitutes 7 hours and of the requirements. 450 days of practical experience required, 150 days must be post examination qualification (d) The Competency Framework (that is, the last 150 days of this experience The competency framework sets the minimum must have been obtained after satisfying standard of work or experience a trainee accountant fully the requirements of the examination. is expected to achieve and demonstrate in a work place. It basically describes the nature of work For persons working on a part time basis, activity to be carried out and the values and attitudes the experience required remains at 450 trainee accountants are expected to demonstrate days. It is therefore expected that a person before they are ready to become members of the working only half a day, would take up to Institute. 6 years to obtain the required experience. A trainee accountant is required to meet 13 The 150 day post examination requirement competencies in total, of which 10 competencies are applies to both full time and part time employees. compulsory and 3 out of 9 elective competencies. Relevant experience in an accounting or finance role as an intern would also qualify for (i) Compulsory competencies purposes of meeting the 450 days of practical The compulsory competencies focus experience provided the other criteria have on professional values and ethics and been met. professional skills as shown in Table 1. (iii) End date – the practical experience of 450 It is expected that the above compulsory days must have been obtained within 6 years competencies will be demonstrated as having of completion of the CPA qualification. been met in each of the 6 months review cycles that are included within the overall 450 days of experience.
kasneb NEWSLINE, Issue No. 1, January - March 2018 41 Table 1: Compulsory competencies
Competency category Competency objective Explanation/specific objectives
Professional ethics and Demonstrate the ability and understanding of professional values Professional judgement judgement and scepticism. Demonstrate the application and scepticism of good governance and its interaction with risk management, internal control and public interest
Ethical principles Application of professional ethics in day-to-day work Governance, risk Demonstrate the application of good governance and its management and internal interaction with risk management, internal control and control public interest Professional skills Leadership Ability to lead a team
Communication Ability to effectively communicate internally and externally
Manage self and others to meet objectives effectively and Managerial efficiently Use information technology in day to day tasks to achieve Information technology efficiency and effectiveness Understand business strategy and actively develop Business strategy solutions to achieve strategic objectives Financial accounting Demonstrating an understanding of the effects Accounting skills and implications of accounting for a broad range of transactions Financial reporting Preparing and demonstrating an understanding of Understanding financial financial statements prepared under IFRS/IFRS for SMEs/ reporting other framework for external reporting purposes
(i) Elective competencies (e) Competencies for trainees wishing to acquire practising The elective competencies focus on certificates technical areas: financial accounting and For trainees wishing to obtain practising certificates reporting, management accounting, financial after obtaining membership they must have management, taxation and audit and assurance. achieved the following competencies: A minimum of 3 out of 9 competencies • Competency objective 8 - Apply relevant shown in Table 2 need to be achieved. auditing standards to the audit of financial The selected elective competencies will be statements. considered to have been met as and when the • Competency objective 9 - Evaluate and report necessary work experience has been obtained. on the audit both in terms of external reporting and reporting to those charged with governance.
42 kasneb NEWSLINE, Issue No. 1, January - March 2018 Table 2: Elective competencies
Competency objective Explanation/specific objectives 1. Financial analysis Interpret financial statements and reports 2. Management accounting Prepare and evaluate financial information for management decision making 3. Financial planning Manage an organisation’s cash flows Financial and transaction 4. Evaluate financing and other business opportunities evaluation Taxation – tax laws and 5. Demonstrate understanding of the tax laws and regulations regulations Compute taxes payable and prepare the necessary returns and 6. Taxation – compliance submissions 7. Tax strategy Develop tax strategy for the organisation Audit and assurance – financial 8. Apply relevant auditing standards to the audit of financial statements audits Audit and assurance – Evaluate and report on the audit both in terms of external reporting and 9. reporting reporting to those charged with governance
Recording practical experience certificates, the competencies required to be met for the same must be demonstrated in detail. training There is no time limit for achieving a competency, but (a) Recording of practical experience by trainee accountants a trainee accountant must be able to demonstrate Wherever one works, it is important to look for that they can carry out all the work activities that the opportunities that will help meet the practical contribute to that competency, to a consistent experience requirements. Part-time/internship/ standard. exchange programmes experience is acceptable provided that it can be verified. This experience The Practical Experience Training (PET) form should should cover the relevant areas of competence be completed on an on-going basis and sign off and should be properly supervised and signed off obtained from the training supervisor at a minimum by the work place training supervisor. of six monthly intervals.
Similarly if one changes jobs during the training In completing the form, care should be exercised period then he/she should make sure the in ensuring that the narrative description of the competencies achieved at the previous work place experience undertaken demonstrates all of the have been signed off. following:
All relevant practical experience obtained must • A practical description of the actual work/ be recorded in the Practical Experience Training activity undertaken using examples/illustrations. (PET) form. The PET form should have a detailed • A clear link between the work undertaken and narrative description of the work undertaken and the competency objective being achieved. the elements of the competency achieved. For • The time period covered by the activity, in days. those subsequently planning to apply for practicing
kasneb NEWSLINE, Issue No. 1, January - March 2018 43 • Any further information which would help the • Setting up the process under which reviewer understand the achievement of the the supervision will take place. This will objective. involve ensuring the trainee understands Every six months from the date of joining the work place’s process of the training employment, the trainee accountant and work and supervision and will cover details place training supervisor must meet and discuss of information required for the formal the documentation of the competencies met during sessions, records to be kept ready, that period. Upon agreeing on the same, the trainee evaluations and so on. accountant will then detail the same on to the PET (ii) Holding formal sessions with the trainee form and the work place training supervisor includes accountant no further apart than 6 months his/her comments and signs off the same. and carry out the following: • A review of the PET forms and corroborating It is recommended that performance objectives the contents of the forms to evidence of for the six month period be discussed and agreed work done for example timesheets, work upon at this meeting between the trainee and the summaries on job evaluation forms. work place training supervisor. • Critically review whether the experience The experience recorded in the PET forms must be gained by the trainee accountant during supported by physical records such as time sheets the review period meets the competency or any other relevant proof of experience gained. of the framework. While such records are not required to be submitted • Test the trainee accountant on the practical to ICPAK on application of membership, ICPAK experience gained using means such retains the right to request for such documents for as questions and answers, laying out independent verification of the PET form. scenarios and obtaining the trainees views on the same. (b) Requirements of the work place training supervisors • Discuss the experience gained and and employers progress of the trainee. Also understand A work place training supervisor is a person who the challenges faced by the trainee in will guide and support the development of the achieving/making progress on acquiring trainee accountant at the work place. They will be the competencies in the framework. responsible for reviewing the progress of the trainee • Establish the competency objectives to be accountant and signing off the competencies met for the next six months. achieved by the trainee accountant. • Signing off against the competencies met if achieved to their satisfaction. Responsibilities of the workplace training supervisor (iii) Holding subsequent formal meetings to review include: progress against the objectives set. (i) Holding an informal session with the trainee accountant upon recruitment to cover the Roll out of the TAPEF following matters: • Ensuring the trainee accountant As mentioned earlier in the article, the TAPEF will be rolled understands the work they will be out with effect from 1 July 2018. All new and continuing undertaking in the work place and students are required to enroll in the TAPEF Programme from helping the trainee accountant identify that date. A comprehensive Students’ Handbook on TAPEF the competencies that the work being has been uploaded on the kasneb website. An access link undertaken will achieve. will be emailed to all students. • Assist the trainee accountant plan out For any inquiries, please contact the Examinations the experience required to meet the Director at [email protected]. Any kasneb competency requirement for example job student who will not have received the above link by rotations, undertaking various assignments 31 July 2018 should contact the Examinations Director within a department. on the above email.
44 kasneb NEWSLINE, Issue No. 1, January - March 2018 Step by step approach
Register with kasneb for CPA
Register on ICPAK website and create trainee account with log in credentials
Find suitable employment/ internship/ attachment
Identify a supervisor at the place of work or refer to an ICPAK Member within your reach
Have a formal meeting with supervisor to agree on the competencies to be learned for the first 6 months
Document the experience as frequently as possible by logging into your ICPAK account
Have a formal meeting after 6 months to review the documented experience with your supervisor. Also agree on the competencies to be achieved in the following 6 months
Once this is achieved for 3 years (full time) or 6 years (part time), the practical experience will have been achieved and the trainee accountant will be ready for membership after completing the CPA examination. Frequently asked questions
1. When is one eligible to join TAPEF? 8. What happens if a trainee accountant is changing As soon as one registers for their CPA examination jobs/internship/attachment? with kasneb. If one is changing place of experience, one is required 2. Who is running this experience framework? to clear with the previous supervisor and have the The framework is being run jointly between ICPAK and experience signed off as per the last day of work. On kasneb. joining the new organisation, one will need to get a 3. What is the duration of the experience framework? new supervisor at the new place of work and continue 3 years for someone working on a full-time basis and 6 with the experience. This therefore allows a trainee years for someone working on a part time basis. accountant to have multiple supervisors. Job rotation 4. Can I undergo the framework for a longer period? is also encouraged to allow acquisition of different One is required to complete the framework in a practical experience in different departments. maximum 6 years from the date of enrolment. 9. What is the implication of not undergoing the 5. Can one do a crash program on the framework framework? and finish in less than 3 years? This framework forms part of ICPAK membership This framework does not have a crash program, requirement. Upon launch, applicants for ICPAK minimum duration is 3 years - working on a full time membership will need to demonstrate having basis. undergone the framework as per the transitional 6. Can self-employment count as part of the relevant provisions. experience? 10. Does ICPAK and kasneb charge Trainee Self-employment does not count due to lack of Accountants for this framework? supervision. No, the framework is free of charge. 7. Where can the relevant experience be obtained? 11. What if I am unable to get a supervisor? Suitable experience can be obtained from employment, You can send an email giving your details to tapef@ internship, attachment if the trainee accountant is icpak.com. for further assisatnce. assigned finance and accounting related duties. For feedback or further inquiries, you can contact kasneb at: [email protected], [email protected] or contact ICPAK at [email protected]
kasneb NEWSLINE, Issue No. 1, January - March 2018 45 UPDATES ACCREDITED INSTITUTIONS ACCREDITATION STATUS AS AT 31 M ARCH 2018
FULL ACCREDITATION 1. Achievers College of Professionals - Embu 2. African Institute of Research and Development Studies - Eldoret 3. African Institute of Research and Development Studies - Kisumu 4. Alphax College - Eldoret 5. Bartek Institute - Eldama Ravine 36. Kigali Institute of Management, Kigali - Rwanda 6. Bartek Institute - Kabarnet 37. Kirinyaga University - Kerugoya 7. Catholic University of Eastern Africa, Main Campus - 38. Kisii National Polytechnic Nairobi 39. Kisumu National Polytechnic - Kisumu 8. Century Park College – Machakos 40. Kitale Technical Training Institute - Kitale 9. Coast Institute of Technology-Voi 41. Maaron Business School, Douala - Cameroon 10. College of Human Resource Management – Nairobi 42. Machakos Institute of Technology - Machakos 11. Comboni Polytechnic-Gilgil 43. Machakos University - Machakos 12. Dedan Kimathi University of Technology, Nyeri Town 44. Masai Technical Training Institute - Kajiado Campus - Nyeri 45. Meru National Polytechnic - Meru 13. Eldoret National Polytechnic - Eldoret 46. Michuki Technical Training Institute – Kangema 14. Elgon View Commercial College -Eldoret 47. Mombasa Aviation Training Institute - Mombasa 15. Embu College – Embu 48. Mombasa Technical Training Institute - Mombasa 16. Embu University -Embu 49. Mount Kenya University, Nkubu Campus - Nkubu 17. Excel Institute of Professionals - Thika 50. Murang’a University - Murang’a 18. Fomic Business School, Buea - Cameroon 51. Mwangaza College - Nakuru 19. Graffins College - Nairobi 52. Nairobi Institute of Business Studies - Ruiru Campus 20. Institut Polytechnique De Byumba, Byumba - Rwanda 53. Nairobi Institute of Technology - Nairobi 21. Institut Professionnel De Certification - Douala, 54. Nakuru Counseling and Training Institute - Nakuru Cameroon 55. North Eastern National Polytechnic - Garissa 22. Jaramogi Oginga University of Science and Technology 56. Nishkam Saint Purah Sighn Institute-Kericho - Bondo 57. Nkabune Technical Training Institute - Meru 23. Jomo Kenyatta University of Agriculture and 58. Nyandarua Institute of Science and Technology – Technology, Main Campus - Nairobi Nyahururu 24. Jomo Kenyatta University of Agriculture and 59. Nyeri National Polytechnic-Nyeri Technology, Nakuru CBD Campus - Nakuru 60. NYS Technical Training College - Mombasa 25. Kabete National Polytechnic - Nairobi 61. NYS Technical Training Institute - Naivasha 26. Kaiboi Technical Training Institute - Eldoret 62. Ol’lessos Technical Training Institute - Lessos 27. KCA University, Kisumu Campus - Kisumu 63. Oshwal College - Nairobi 28. KCA University, Main Campus –Nairobi 64. PC Kinyanjui Technical Training Institute - Nairobi 29. Kenya Coast Polytechnic-Mombasa 65. Pinnacle Business School - Nairobi 30. Kenya Institute of Management - Nairobi 66. Ramogi Institute of Advanced Technology - Kisumu 31. Kenya School of Credit Management-Nairobi 67. Riara University - Nairobi 32. Kenya School of Government-Baringo 68. Rift Valley Institute of Science and Technology - Nakuru 33. Kenya School of Government - Mombasa 69. Rift Valley Technical Training Institute - Eldoret 34. Kiambu Institute of Science and Technology - Kiambu 70. Rongo University College - Rongo 35. Kibabii University College - Bungoma 71. Royal Business School – Nairobi
46 kasneb NEWSLINE, Issue No. 1, January - March 2018 UPDATES
72. Rware College of Accounts - Nyeri 26. Dynamic College of Professional Studies - Ongata 73. School of Finance and Banking, Kigali - Rwanda Rongai 74. Shamberere Technical Training Institute - Kakamega 27. East Africa Institute of Certified Studies – Nairobi 75. Sigalagala National Polytechnic – Kakamega 28. Ekerubo Gientei Technical Training Institute-Nyamira 76. St. Paul’s University, Main Campus - Limuru 29. Eldoret AIC Training College - Eldoret 77. St. Paul’s University, Nairobi Campus - Nairobi 30. Eldoret Aviation Training Institute - Eldoret 78. Star College of Management Studies - Nairobi 31. Elgonview College - Kisii 79. Strathmore University - Nairobi 32. Esmart College - Kikuyu 80. Summit Institute of Professionals – Nairobi 33. E-smart College - Kisii 81. Thika Technical Training Institute - Thika 34. E-smart College - Mumias 82. Times Training Centre - Mombasa 35. Excel Institute - Kitale 83. University of Eastern Africa, Baraton – Kapsabet 36. Excellent Institute of Professionals - Kakamega 84. University of Rwanda, College of Business and 37. Frontier Institute of Professional and Management Economics (URCBE), Gikondo Campus, Kigali Studies - Garissa 85. Vision Institute of Professionals, Mombasa Campus- 38. Global Institute of Management and Commerce - Mombasa Nairobi 86. Vision Institute of Professionals, Nairobi Campus-Nairobi 39. GTI College of Professional Studies - Nakuru 40. Hekima Education Centre - Ngong 41. Hemland Computer Institute - Thika INTERIM ACCREDITATION 42. Holy Rosary - Tala 43. Hosannah Institute of Professional Studies - Kerugoya 44. Intraglobal Training Institute - Nairobi 1. Achievers School of Professionals - Nakuru 45. Jodan College of Technology - Thika 2. Adept College of Professionals - Nakuru 46. Jogima Business School - Ongata Rongai 3. Adex School of Professional Studies -Kakamega 47. Jomo Kenyatta University of Agriculture and 4. African Institute of Research and Development - Kericho Technology, Mombasa CBD Campus - Mombasa 5. Africana College of Aviation - Nairobi 48. Jusnet Business Institute - Malindi 6. Africana College of Professionals - Thika 49. Kakamega School of Professional Studies - Kakamega 7. AIC Naivasha Technical Training Institute - Naivasha 50. Keiyo Technical Training Institute - Iten 8. Apogee Institute of Professional Studies - Nairobi 51. Kentrac College – Nairobi 9. Arena Arts Multimedia College - Nairobi 52. Kenya Aeronautical College-Karatina 10. Belmont International Colege - Ongata Rongai 53. Kenya College of Business Management - Eldoret 11. Berinet College - Ol-Kalou 54. Kenya College of Commerce and Hospitality - Nairobi 12. Bilingual Institute of Professional Studies,Douala 55. Kenya Institute of Business and Counselling Studies - -Cameroon Nairobi 13. Bomet College of Accountancy - Bomet 56. Kenya Institute of Professional Studies - Nairobi 14. Bradegate International College of Poultry and 57. Kenya Institute of Public Health - Ol-Kalou Professional Studies-Nyeri 58. Kenya Power Training School - Nairobi 15. Bright Star Institute of Professionals – Nakuru 59. Kenyatta University –Kitui Campus 16. Bumbe Technical Training Institute - Busia 60. Kericho County College of Accountancy - Kericho 17. Catholic University of Eastern Africa, Gaba Campus - 61. Keroka College of Accountancy - Kisii Eldoret 62. Kife School of Business Studies - Nairobi 18. Central Kenya School of Professionals – Nyeri 63. Kisii College of Accountancy - Kisii 19. Chania Training Institute - Thika 64. Kisii University - Kisii 20. Chuka Institute of Business Studies - Chuka 65. Kisiwa Technical Training Institute - Bungoma 21. Cornerstone Training Institute - Nairobi 66. Kitengela Institute of Mangement Studies – Kitengela 22. Destiny College of Accountancy - Kericho 67. Kitengela Institute of Professional Studies – Kitengela 23. Diakonia Institute - Nairobi 68. Kitui Institute of Professionals - Kitui 24. Digital Advisory and Learning Centre (DALC) - Nairobi 69. Laikipia University - Naivasha Campus 25. Dominion Training Institute – Bungoma 70. Laikipia University - Nyahururu Campus
kasneb NEWSLINE, Issue No. 1, January - March 2018 47 UPDATES
71. Lake Naivasha Institute -Naivasha 116. Springs Academy, Kigali – Rwanda 72. Lake Training College – Naivasha 117. St. Anne’s Catholic Church-Nyahururu 73. Limuru Institute of Information and Technology - Limuru 118. St. Jude’s Technical Training College - Mumias 74. Malindi College of Accountancy - Malindi 119. St. Mary’s Secretarial College-Isiolo 75. Malindi Institute of Business Studies – Malindi 120. Star Institute of Professionals - Mombasa 76. Masinde Muliro University of Science and Technology 121. Starehe Boys Centre – Nairobi Main Campus Kakamega 122. Steling College -Kitengela 77. Mathenge Technical Training Institute - Nyeri 123. Stockwell School of Finance - Nairobi 78. Matili Technical Training Institute - Kimilili 124. Tala School of Management Studies - Tala 79. Meru University - Meru 125. Technical University of Mombasa - Lamu Campus 80. Millennium School of Business Studies - Kisumu 126. Tecqskills Professional Institute - Naivasha 81. Mutomo Institute of Accountancy - Mutomo 127. The East African University - Nairobi 82. Nairobi County Institute of Management and Logistics 128. The Promise Computer College of Business and - Nairobi Research - Eldoret 83. Nairobi Institute of Business Studies - Nairobi 129. Thika College of Banking, Accountancy and Computer 84. Nanyuki Institute of Communication and Advanced Studies - Thika Technology - Nanyuki 130. Thika Institute of Business Studies -Thika 85. Nehema Institute of Science and Technology - Eldoret 131. Timeless College - Nairobi 86. Nyambene School of Professional Studies - Maua 132. Tracom College - Nakuru 87. NYS School of Catering - Gilgil 133. Uzuri Institute of Technology and Development - Thika 88. NYS Vocational Training Institute - Nairobi 134. Victory College of Accountancy - Eldoret 89. Optic Computer College - Wanjohi 135. Virtus Institute-Malindi 90. Palmax Business and ICT College - Karatina 136. Wang Point Technologies, City Centre Campus - Nairobi 91. Pan Africa Christian University - Nairobi 137. Wote Technical Training Institute - Wote 92. Path Institute of Technology and Entrepreneurship - 138. Zetech University Kitengela 93. PCEA Molo College of Professional Studies - Molo 94. Peak Institute of Professionals - Kerugoya ACCREDITATION IN PROGRESS 95. Pinnacle College of Professional Studies - Nyeri 96. Prince School of Professional Studies, Nairobi 1. ACK Bishop Hannington Institute - Mombasa 97. Pwani Institute of Professional Studies - Voi 2. Aldai Technical Training Institute-Kapsabet 98. Ram Training College – Kisii 3. Bishop Kariuki Institute of Management-Wangige 99. Regional Institute for Professionals and Technologists - 4. Blaise Institute of Business Studies - Nairobi Mombasa 5. Cofa Institute of Technology - Ongata Rongai 100. Reward Institute of Professional Studies - Thika 6. Cooperative University of Kenya-Karen Campus 101. Rhythms Music and Computer College – Nairobi 7. Corat Africa Training Institute – Nairobi 102. Ricatti Business College-Wote 8. Cornerstone and Luthien Advisory-Rwanda 103. Ricatti Business School- Nairobi 9. DIMA College - Nairobi 104. Rift Valley Institute of Business Studies - Nakuru 10. Eclipse College, Wamba - Samburu 105. Riruta Business College - Nairobi 11. Highrise State College-Nairobi 106. Royal College of Science and Technology - Ruiru 12. Institute of Community Development/Centre for 107. Ruiru Institute of Business Studies - Ruiru Accountancy and Business Management – Nairobi 108. Rwika Technical Training Institute - Embu 13. Intellects College –Kitui 109. Sacred Training Institute - Bungoma 14. International University of Equator, Bujumbura - Burundi 110. Sacred Training Institute – Nairobi 15. International University of Excellence, Bujumbura - 111. Sang’alo Institute of Technology - Bungoma Burundi 112. Serein Education Centre - Nakuru 16. Javan Institute of Technology - Funyula 113. Shanzu Teachers Training College - Mombasa 17. Kajiado College of Accountancy - Ongata Ronga 114. Shiners Institute of Professional Studies - Bomet 18. Katine Technical Training Institute-Machakos 115. South Eastern Kenya University – Kitui 19. Kenya Institute of Development Studies - Naivasha
48 kasneb NEWSLINE, Issue No. 1, January - March 2018 UPDATES
20. Kenya Institute of Finance and Applied Management- 41. Nyeri South Institute of Professional Studies - Othaya Nairobi 42. Participatory Development Centre - South Sudan 21. Kenya Technical Trainers College - Nairobi 43. Prasol College of Professional Studies – Isiolo 22. Kilifi College of Accountancy - Kilifi 44. Red Sea University - Somali 23. Kilifi Institute of Business Studies – Kilifi 45. Regional Institute of Professionals and Technologists - 24. Kings College -Eldoret Nairobi 25. Kirinyaga Business and Technical Institute-Kerugoya 46. S.C.L.P Australian College-Nairobi 26. Kisumu Institute of Banking and Management Training 47. Samburu School of Professional Studies-Maralal – Kisumu 48. Shaloam Business School – Maralal 27. Kitale College of Business Studies-Lodwar 49. Sterling College – Kitengela 28. Maasai Mara Technical Vocational College-Narok 50. The Presbyterian University of East Africa-Nairobi 29. Malava College of Computers Studies – Malava 51. Traction School of Governance -Nairobi 30. Management University of Africa - Nairobi 52. Transom Institute of East Africa - Ongata Rongai 31. Marist International University College – Karen 53. University of Kigali - Rwanda 32. Maseno University Kisumu Campus 54. Vision Institute of Leadership and Management Studies 33. Maseno University Main Campus-Maseno - Nairobi 34. Masinde Muliro University of Science and Technology, 55. Vlan College of Business and Technology - Nairobi Nairobi Campus - Nairobi 56. West Kenya College of Professional Studies - Bungoma 35. Miramar International College - Nairobi 57. YWCA - Meru 36. Multimedia University of Kenya - Nairobi 37. Nairobi Institute of Ecommerce 38. Nairobi Institute of Entrepreneurship and Enterprise Development-Nairobi 39. Northern Institute of Professional Studies – Wajir 40. Novel Multi Media College-Westlands
I WILL BE ABLE TO WORK ANYWHERE IN THE WORLD.....
.....BECAUSE kasneb STRIVES TO ENSURE COLLEGES ACCREDITED WITH THEM OFFER QUALITY TRAINING BASED ON INTERNATIONAL BENCHMARKS.
Before you enroll, ask if the college is accredited by kasneb kasneb NEWSLINE, Issue No. 1, January - March 2018 49 UPDATES
Certificate in Accounting and Management Skills CAMS EXAMINATION SYLLABUS
50 kasneb NEWSLINE, Issue No. 1, January - March 2018 kasneb Open Day kasneb held an Open Day on Friday, 26 January 2018 and Saturday, 27 January 2018 at the August 7th Memorial Park in Nairobi. The theme of the day was “Empowering Professionals for Posterity.” A number of partner organisations and colleges exhibited at the event.
kasneb NEWSLINE, Issue No. 1, January - March 2018 51 kasneb Open Day Held at the August 7th Memorial Park, Nairobi on Friday, 26 January 2018 and Saturday, 27 January 2018
52 kasneb NEWSLINE, Issue No. 1, January - March 2018 Collection of certificates kasneb students/graduates collecting their certificates in February and March 2018 at kasneb Towers
kasneb NEWSLINE, Issue No. 1, January - March 2018 53 Career opportunities discussions Naivasha Girls Secondary School career day held on Saturday, 10 March 2018
Mr. Cedric Dakayi (left), Secretary of the Cameroon Association of kasneb Students (CAKS) presents a package to Professor James M. Kobila, Deputy Rector, University of Douala during a courtesy call on Monday, 5 February 2018.
54 kasneb NEWSLINE, Issue No. 1, January - March 2018 Career opportunities discussions kasneb in conjunction with the Ministry of Education, Science and Technology organised career opportunities discussions with teachers and students in various secondary schools in Kisii County from Monday, 22 January 2018 to Friday, 2 February 2018.
Career discussions in Gucha Sub-county, Kisii held from Monday, 22 January 2018 to Friday, 26 January 2018
Career discussions in Kenyenya Sub-county, Kisii held from Monday, 22 January 2018 to Friday, 26 January 2018
kasneb NEWSLINE, Issue No. 1, January - March 2018 55 Career opportunities discussions
Career discussions in Kitutu Central Sub-county, Kisii held from Monday, 29 January 2018 to Friday, 2 February 2018
Career discussions in Sameta Sub-county, Kisii held from Monday, 29 January 2018 to Friday, 2 February 2018
56 kasneb NEWSLINE, Issue No. 1, January - March 2018 Partial handover of the new Kasneb Towers II Thursday, 22 February 2018
kasneb NEWSLINE, Issue No. 1, January - March 2018 57 BENEFITS OF BEING AN ICIFA MEMBER
Enhance Knowledge development through Seminars, Conferences, Professional forums and Workshops. • Professional development through training/workshops. • Networking: Fostering collaborations between members through Annual General • Meeting, conferences, ICIFA awards, seminars, breakfast meetings both at local and on a global scale. • Opportunity to become an International Investment and Financial Analyst through ACIIA. • Professional Publications produced on a quarterly basis-Free copy to ICIFA members. Free electronic Newsletter. • Financial publications for sale offered on discounted prices to all ICIFA members. • Support ICIFA members through legal advice, professional standards in financial markets and technical advice in areas of operation. • Global recognition through our partnership with ACIIA. • Invitations to exclusive senior members events including dinners, roundtables in • Investment forums • All members to enjoy discounts in booking of accommodation in luxurious hotels during • Seminars and Conferences. PRIZE WINNERS NOVEMBER 2017 EXAMINATIONS
DIPLOMA ENTREPRENEURSHIP AND ATD - LEVEL III COMMUNICATION PRINCIPLES OF ECONOMICS EXAMINATIONS (COMMON PAPER) ATD/4336 ATD/12011 VERONICAH WANGARI NDIRANGU FAITH SHITEYA SHILULI Donor: kasneb Donor: kasneb FUNDAMENTALS OF MANAGEMENT INFORMATION COMMUNICATION ACCOUNTING TECHNOLOGY ATD/10540 (COMMON PAPER) TERESIA WAITHIRA WAIRIMU ATD/15704 Donor: kasneb VICTOR KWAKE MUSEMBI Donor: kasneb PRINCIPLES OF PUBLIC FINANCE AND TAXATION ATD - LEVEL II (COMMON PAPER) FINANCIAL ACCOUNTING ATD/7562 ATD/14306 JOHN KANYINGIRI NGUGI NICODEMUS KIPCHIRCHIR BIWOTT Donor: kasneb ACCOUNTING TECHNICIANS Donor: kasneb DIPLOMA (ATD) EXAMINATION RUNNER UP RUNNER UP PRINCIPLES OF PUBLIC FINANCE AND ATD - LEVEL I FINANCIAL ACCOUNTING TAXATION INTRODUCTION TO FINANCIAL ATD/11721 (COMMON PAPER) ACCOUNTING ATD/1232 ATD/15826 CHARITY NJERI ITHIBU Donor: FARDOSA ADOW MOHAMED WYCLIFF N. ISAIAH kasneb Donor: kasneb Donor: kasneb PRINCIPLES OF MANAGEMENT AUDITING COMMERCIAL LAW (COMMON PAPER) ATD/2804 ATD/13180 (COMMON PAPER) CAROLINE THUTHI GICHU ATD/15423 LAZARUS MENGE MOSIGISI Donor: Donor: kasneb CONCEPTER NYABOKE ONSONGO kasneb Donor: kasneb BUSINESS MATHEMATICS AND BEST OVERALL IN A LEVEL STATISTICS (COMMON PAPER) ATD LEVEL I ATD/12507 RUNNER UP ATD/15680 PETER HOKA OGOLA COMMERCIAL LAW BENJAMEN MUROKI MUTEMBEI Donor: kasneb (COMMON PAPER) Donor: kasneb ATD/15629 FUNDAMENTALS OF FINANCE CAROLINE NDINDA MWONGA ATD LEVEL II ATD/12507 Donor: kasneb ATD/14306 PETER HOKA OGOLA NICODEMUS KIPCHIRCHIR BIWOTT Donor: kasneb Donor: kasneb
kasneb NEWSLINE, Issue No. 1, January - March 2018 59 PRIZE WINNERS
ATD LEVEL III COMPUTER SUPPORT AND DICT LEVEL III ATD/12249 MAINTENANCE DIC/45 LEVINTER AKINYI ONYANGO DIC/323 DANCAN NGIGI MWANGI Donor: kasneb DANIEL KIRIMI M’NDEGWA Donor: kasneb Donor: kasneb
PROGRAMMING CONCEPTS DIC/617 ROSE NDINDA KIVINDYO Donor: kasneb
DICT - LEVEL III PRINCIPLES OF WEB DEVELOPMENT DIC/567 MAXWELL ODIGA Donor: kasneb
INFORMATION SYSTEMS PROJECT SKILLS DIC/45 DANCAN NGIGI MWANGI DIPLOMA IN INFORMATION Donor: kasneb COMMUNICATION TECHNOLOGY DIPLOMA IN CREDIT (DICT) EXAMINATION COMPUTER APPLICATIONS MANAGEMENT (DCM) PRACTICAL II DICT - LEVEL I DIC/16 EXAMINATION INTRODUCTION TO COMPUTING NJERI MAINA PRISCILLAH DCM - LEVEL I DIC/691 Donor: kasneb FUNDAMENTALS OF CREDIT MOREBU ALEX MOKAMBA MANAGEMENT Donor: kasneb BEST OVERALL IN A LEVEL DCM/159 DICT LEVEL I PAMELA NYAGUTHII NDWIGA COMPUTER MATHEMATICS DIC/691 Donor: kasneb DIC/677 MOREBU ALEX MOKAMBA BENEDICT WACHIRA NGUNYI Donor: kasneb DCM - LEVEL II Donor: kasneb CREDIT MANAGEMENT DICT LEVEL II DCM/96 COMPUTER APPLICATIONS PRACTICAL DIC/507 CALVIN MAUKA KIMUCHOSI DIC/475 LOICE EMMA NANYANGA BRIAN MUSEMBI MUTHOKA Donor: kasneb Donor: kasneb Donor: kasneb
DICT - LEVEL II COMPUTER NETWORKING DIC/619 Information technology has brought JOHN KINYANJUI MWANIKI people much closer together than ever Donor: kasneb before, providing a democratising and mostly stabilising influence - Dan Quayle INTERNET SKILLS DIC/619 JOHN KINYANJUI MWANIKI Donor: kasneb
60 kasneb NEWSLINE, Issue No. 1, January - March 2018 PRIZE WINNERS
LAW GOVERNING CREDIT PRACTICE BEST OVERALL IN SECTION (S) DCM/70 PROFESSIONAL ALICE GATUMWA MATHIU EXAMINATIONS SECTION 1 ONLY Donor: kasneb NAC/292798 TERESIA NDUTA MUGAMBI DCM - LEVEL III Donor: RSM EASTERN AFRICA MARKETING AND CUSTOMER SECTION 2 ONLY RELATIONS NAC/286458 DCM/60 BLESSINGS MUTHEU NYAMAI CAROLYNE BONARERI KEUKU Donor: RSM EASTERN AFRICA Donor: kasneb SECTIONS 1 AND 2 (COMBINED) FOUNDATIONS OF ACCOUNTING NAC/292757 (COMMON PAPER) BETH WAMUTIRA KARANI DCM/76 Donor: RSM EASTERN AFRICA STEPHEN WAHIU WACHIRA Donor: kasneb CPA PART II – SECTION 3 PRACTICE OF CREDIT MANAGEMENT COMPANY LAW DCM/76 CERTIFIED PUBLIC (COMMON PAPER) STEPHEN WAHIU WACHIRA ACCOUNTANTS (CPA) NAC/280529 Donor: kasneb EXAMINATION COSMAS CHERUIYOT TONUI Donor: KPMG BEST OVERALL IN A LEVEL CPA PART I – SECTION 1 FINANCIAL MANAGEMENT DCM LEVEL I FINANCIAL ACCOUNTING DCM/152 (COMMON PAPER) (COMMON PAPER) NAC/288840 DAVID NGANGA MUNYAMBU NAC/292798 EMELDA WANJIRU NJERU Donor: kasneb TERESIA NDUTA MUGAMBI Donor: ERNST & YOUNG Donor: KIGO NJENGA & COMPANY DCM LEVEL II CERTIFIED PUBLIC ACCOUNTANTS DCM/143 COMMERCIAL LAW (KENYA) RAHAB WANGECHI WAIRIMU (COMMON PAPER) Donor: kasneb NAC/292798 FINANCIAL REPORTING TERESIA NDUTA MUGAMBI NAC/279295 DCM LEVEL III Donor: KINYORI & ASSOCIATES ALI OSMAN YUSSUF DCM/60 Donor: PRICEWATERHOUSE COOPERS CAROLYNE BONARERI KEUKU ENTREPRENEURSHIP AND CERTIFIED PUBLIC ACCOUNTANTS Donor: kasneb COMMUNICATION (COMMON PAPER) CPA PART II – SECTION 4 NAC/291193 AUDITING AND ASSURANCE JONATHAN KIPKIRUI NAC/266944 Donor: KING’ANG’I KAMAU & It is not your salary that LYDIA MWENDE MUEMA COMPANY CERTIFIED PUBLIC makes you rich; it’s your Donor: CARR STANYER GITAU & spending habits - Charles ACCOUNTANTS COMPANY A. Jaffe CPA PART I – SECTION 2 MANAGEMENT INFORMATION SYSTEMS (COMMON PAPER) MANAGEMENT ACCOUNTING NAC/284509 NAC/287730 JONATHAN MWANZIA WAMBUA JIMALE GULIYE YUSSUF Donor: DELOITTE & TOUCHE Donor: MUGO & COMPANY CERTIFIED PUBLIC ACCOUNTANTS
kasneb NEWSLINE, Issue No. 1, January - March 2018 61 PRIZE WINNERS
QUANTITATIVE ANALYSIS CPA PART III – SECTION 6 (COMMON PAPER) ADVANCED PUBLIC FINANCE AND NAC/212082 TAXATION WILLIAM WANGAI MBUGUA NAC/260790 Donor: MHASIBU SACCO LIMITED KEVIN CHERUIYOT Donor: PKF KENYA RUNNER UP ADVANCED AUDITING AND QUANTITATIVE ANALYSIS ASSURANCE (COMMON PAPER) NAC/281055 NAC/210672 KIPYEGON C. NGENO ADAM MOHAMMED HASSAN Donor: MR. DANIEL M. NDONYE Donor: kasneb ADVANCED FINANCIAL REPORTING BEST OVERALL IN SECTION (S) NAC/185884 SECTION 3 ONLY ERASTUS MAKOTSI MIHESO NAC/280529 Donor: MURDOCH McCRAE & SMITH COSMAS CHERUIYOT TONUI CERTIFIED SECRETARIES (CS) Donor: MAZARS CERTIFIED PUBLIC BEST OVERALL IN SECTION (S) EXAMINATION ACCOUNTANTS (KENYA) SECTION 5 ONLY NAC/278028 CS PART I – SECTION 1 SECTION 4 ONLY ANTONEATTE NJERI KAREBE ORGANISATIONAL BEHAVIOUR NSC/294528 NAC/94489 Donor: INSTITUTE OF CERTIFIED PUBLIC ANDREW KIPKOECH KIGEN SAMWEL KIPKEMBOI TARUS ACCOUNTANTS OF KENYA (ICPAK) Donor: H. W. GICHOHI & COMPANY Donor: PARKER RANDALL
SECTIONS 3 AND 4 (COMBINED) RUNNER UP BUSINESS COMMUNICATION NAC/288484 SECTION 5 ONLY NSC/290586 PRUDENCE MBINGU SEMBUA NAC/281226 BERNARD GACHIU WANGUI Donor: MBAYA & ASSOCIATES MARYAM MIREMBE NDAGIRE Donor: VISION INSTITUTE OF Donor: kasneb PROFESSIONALS
CPA PART III – SECTION 5 SECTION 6 ONLY STRATEGY, GOVERNANCE AND ETHICS NAC/217954 CS PART I – SECTION 2 (COMMON PAPER) MONICAH KANINI KISILU ECONOMICS NAC/256400 Donor: FIDELITY INSURANCE COMPANY (COMMON PAPER) NSC/280570 GAD THIGARI GITHUA LIMITED Donor: KPMG KENYA SYLVIA MUKAMI KIMANI SECTIONS 5 AND 6 (COMBINED) Donor: WACHIRA IRUNGU & ADVANCED MANAGEMENT NAC/278028 ASSOCIATES ACCOUNTING ANTONEATTE NJERI KAREBE NAC/256945 Donor: INSTITUTE OF CERTIFIED PUBLIC PUBLIC FINANCE AND TAXATION MICHAEL NYAUKE OTHIENO ACCOUNTANTS OF KENYA (ICPAK) (COMMON PAPER) Donor: KPMG KENYA NSC/290370 BEST LADY GRADUATE SUSAN WAIRIMU MUNENE ADVANCED FINANCIAL MANAGEMENT NAC/278028 Donor: PKF KENYA NAC/281226 ANTONEATTE NJERI KAREBE MARYAM MIREMBE NDAGIRE Donor: ASSOCIATION OF WOMEN BEST OVERALL IN SECTION (S) Donor: DELOITTE & TOUCHE ACCOUNTANTS OF KENYA (AWAK) SECTION 1 ONLY NSC/290592 The word accounting comes from the word accountability. MAUREEN NDANU NGUMBAU If you are going to be rich, you need to be accountable for your money - Robert Kiyosaki, Author, Poor Dad Rich Dad Donor: INSTITUTE OF CERTIFIED PUBLIC SECRETARIES OF KENYA (ICPSK)
62 kasneb NEWSLINE, Issue No. 1, January - March 2018 PRIZE WINNERS
SECTION 2 ONLY SECTIONS 3 AND 4 (COMBINED) SECTION 6 ONLY NSC/280570 NSC/244715 NSC/268534 SYLVIA MUKAMI KIMANI ANTONY MUTUGI MBURIA JAPHETH GICHANA MAGATI Donor: kasneb Donor: kasneb Donor: AXIS KENYA
SECTIONS 1 AND 2 (COMBINED) CS PART III – SECTION 5 SECTIONS 5 AND 6 (COMBINED) NSC/294808 NSC/97791 HUMAN RESOURCE MANAGEMENT LORRAINE CHERONO CHEMENEI FLORENCE MUKIRIA NSC/217063 Donor: Donor: kasneb SALMA ARONYA MUYIKA kasneb Donor: SAVANNA & ASSOCIATES CS PART II – SECTION 3 BEST LADY GRADUATE NSC/97791 COMPANY LAW FINANCIAL MARKETS LAW FLORENCE MUKIRIA NSC/268124 (CS ONLY) Donor: WOMEN ON BOARDS NETWORK NSC/244715 RAKIA FARAH IBRAHIM KENYA ANTONY MUTUGI MBURIA Donor: SCRIBE SERVICES Donor: AFRICA REGISTRARS CERTIFIED GOVERNANCE AND ETHICS PUBLIC SECRETARIES NSC/282763 PRINCIPLES AND PRACTICE OF GIDEON KIPKOECH KIPYAKWAI MANAGEMENT Donor: KKCO EAST AFRICA NSC/208672 EMILY MASUMBUO MATANO CS PART III – SECTION 6 Donor: SCRIBE SERVICES STRATEGIC MANAGEMENT NSC/268534 CS PART II – SECTION 4 JAPHETH GICHANA MAGATI CORPORATE SECRETARIAL PRACTICE Donor: SCRIBE SERVICES NSC/274889 ELISSA SARAH OTEMBA PUBLIC POLICY AND ADMINISTRATION NSC/145967 Donor: NGURU MUREGI & ASSOCIATES NANCY SHEPHARD ARUNGA LAW AND PROCEDURE OF MEETINGS Donor: SCRIBE SERVICES NSC/284167 IDEL QUIN MAKINIA WAFULA GOVERNANCE AND SECRETARIAL AUDIT CERTIFIED INFORMATION Donor: QUANTUM REGISTRARS NSC/268534 COMMUNICATION JAPHETH GICHANA MAGATI TECHNOLOGISTS (CICT) BEST OVERALL IN SECTION (S) Donor: H.W. GICHOHI & COMPANY EXAMINATION SECTION 3 ONLY NSC/283403 CICT PART I - SECTION 1 BEST OVERALL IN SECTION (S) MELISA NAFULA WEKESA INTRODUCTION TO COMPUTING SECTION 5 ONLY Donor: CAPITA REGISTRARS CTP/3067 NSC/97791 ALLAN MASAVU PAUL FLORENCE MUKIRIA SECTION 4 ONLY Donor: kasneb NSC/244715 Donor: INSTITUTE OF CERTIFIED PUBLIC ANTONY MUTUGI MBURIA SECRETARIES OF KENYA (ICPSK) COMPUTER APPLICATIONS – Donor: kasneb PRACTICAL CTP/3071 JOSHUA OWINO ONDILI Management is about persuading people to do things they do Donor: kasneb not want to do, while leadership is about inspiring people to do things they never thought they could - Steve Jobs, Apple founder
kasneb NEWSLINE, Issue No. 1, January - March 2018 63 PRIZE WINNERS
CICT PART I - SECTION 2 STRUCTURED PROGRAMMING MOBILE APPLICATION DEVELOPMENT OPERATING SYSTEMS – PRACTICAL CTP/2867 CTP/2641 CTP/3018 HARON KITHINJI ABEL JUMA KEYA JAMES MURAI NJERI Donor: kasneb Donor: kasneb Donor: kasneb CICT PART II - SECTION 4 CICT PART III – SECTION 6 PRINCIPLES OF ACCOUNTING OBJECT ORIENTED PROGRAMMING SYSTEMS SECURITY (COMMON PAPER) CTP/2667 CTP/2641 CTP/3067 BRIGID CHERONO BICHIY ABEL JUMA KEYA ALLAN MASAVU PAUL Donor: kasneb Donor: kasneb Donor: KINYORI & ASSOCIATES WEB DESIGN AND E-COMMERCE INFORMATION SYSTEMS PROJECT COMPUTER SUPPORT AND CTP/2252 MANAGEMENT MAINTENANCE TIMON KIPROP KEMBOI CTP/2699 CTP/3018 Donor: kasneb PATRICK PARSALAL NKAALE JAMES MURAI NJERI Donor: kasneb Donor: kasneb DATA COMMUNICATION AND COMPUTER NETWORKS – PRACTICAL RESEARCH METHODS BEST OVERALL IN SECTION (S) CTP/2252 CTP/2149 SECTION 1 ONLY TIMON KIPROP KEMBOI JERIM PAUL OKELLO CTP/3052 Donor: kasneb Donor: kasneb DUNCAN LORD NDEGWA KARIUKI Donor: kasneb BEST OVERALL IN SECTION (S) BEST OVERALL IN SECTION (S) SECTION 3 ONLY SECTION 5 ONLY SECTION 2 ONLY CTP/2793 CTP/2334 CTP/3033 CYRUS WAINAINA NJUGUNA NAOMI WAIRIMU THUKU WILLIAM WANGILA MASIKA Donor: kasneb Donor: kasneb Donor: kasneb SECTION 4 ONLY RUNNER UP SECTIONS 1 AND 2 (COMBINED) CTP/2252 CTP/3067 TIMON KIPROP KEMBOI SECTION 5 ONLY CTP/2641 ALLAN MASAVU PAUL Donor: kasneb Donor: kasneb ABEL JUMA KEYA SECTIONS 3 AND 4 (COMBINED) Donor: kasneb CTP/2667 CICT PART II - SECTION 3 SECTION 6 ONLY BRIGID CHERONO BICHIY DATABASE SYSTEMS CTP/2641 Donor: CTP/2793 kasneb ABEL JUMA KEYA CYRUS WAINAINA NJUGUNA Donor: kasneb Donor: kasneb CICT PART III - SECTION 5 SOFTWARE ENGINEERING SECTIONS 5 AND 6 (COMBINED) SYSTEM ANALYSIS AND DESIGN CTP/2334 CTP/2641 CTP/2524 NAOMI WAIRIMU THUKU ABEL JUMA KEYA VINITER JEBET CHEMON Donor: kasneb Donor: kasneb Donor: kasneb ICT PROJECT CTP/2133 The number one benefit of information technology TEBLON MONGÍNA ONDIMU is that it empowers people to do what they want to do. It lets people be creative. It lets people be Donor: kasneb productive. It lets people learn things they didn’t think they could learn before and so in a sense, it is BEST LADY ICT PROJECT all about potential - Steve Ballmer, Microsoft CEO CTP/2133 TEBLON MONGÍNA ONDIMU Donor: kasneb
64 kasneb NEWSLINE, Issue No. 1, January - March 2018 PRIZE WINNERS
CIFA PART II – SECTION 3 SECTION 4 ONLY REGULATION OF FINANCIAL MARKETS ISP/4376 ISP/5623 SAMUEL THIONGÓ NJUGUNA LEONARD KIPLANGAT BETT Donor: STAR COLLEGE Donor: kasneb SECTIONS 3 AND 4 (COMBINED) CORPORATE FINANCE ISP/6250 ISP/5987 NELSON NGWILI KIOKO THOMAS SIRRENGOH JUMA Donor: INSTITUTE OF CERTIFIED Donor: kasneb INVESTMENT AND FINANCIAL ANALYSTS (ICIFA) FINANCIAL STATEMENTS ANALYSIS ISP/6108 CIFA PART III – SECTION 5 MELODIE NDANU GATUGUTA FIXED INCOME INVESTMENTS Donor: kasneb ANALYSIS ISP/5248 CIFA PART II – SECTION 4 CARREN MWIKALI MWANZIA CERTIFIED INVESTMENT AND EQUITY INVESTMENTS ANALYSIS Donor: kasneb FINANCIAL ANALYSTS (CIFA) ISP/6156 EXAMINATION FRANCIS MUTUKU NDUNDA ALTERNATIVE INVESTMENTS ANALYSIS Donor: kasneb ISP/3456 CIFA PART I – SECTION 1 SYLVESTER OBIRI ONDIEKI FINANCIAL MATHEMATICS RUNNER UP Donor: DR. JONAH K. AIYABEI ISP/6776 EQUITY INVESTMENTS ANALYSIS SHARON CHERONO ROTICH ISP/5948 CIFA PART III – SECTION 6 Donor: kasneb VICTOR KIMUTAI RONO ADVANCED PORTFOLIO MANAGEMENT Donor: kasneb ISP/2077 CIFA PART I – SECTION 2 NICHOLAS MUGAMBI KARURAA FINANCIAL INSTITUTIONS AND PORTFOLIO MANAGEMENT Donor: DR. GEORGE O. WAKAH MARKETS ISP/5948 ISP/5107 VICTOR KIMUTAI RONO INTERNATIONAL FINANCE MICHAEL NJORO WAWERU Donor: kasneb ISP/5389 Donor: kasneb VINCENT KIPTUM KIPROP BEST OVERALL IN SECTION (S) Donor: kasneb BEST OVERALL IN SECTION (S) SECTION 3 ONLY DERIVATIVES ANALYSIS SECTION 1 ONLY ISP/5703 ISP/5808 ISP/6776 LYNN WAMBUI MWANGI GLORY GATWIRI KIRIINYA SHARON CHERONO ROTICH Donor: STAR COLLEGE Donor: kasneb Donor: kasneb RUNNER UP SECTION 2 ONLY SECTION 3 ONLY ISP/6050 ISP/5987 JOSEPH MURIITHI MUGO THOMAS SIRRENGOH JUMA Donor: kasneb Donor: kasneb SECTIONS 1 AND 2 (COMBINED) ISP/6770 ABDIMALIK ABDI SHEIKH MOHAMED Stock market bubbles don’t grow out of thin air. Donor: INSTITUTE OF CERTIFIED They have a solid basis in reality, but reality as INVESTMENT AND FINANCIAL distorted by a misconception - George Soros ANALYSTS (ICIFA)
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BEST OVERALL IN SECTION (S) CCP PART II – SECTION 3 CREDIT MANAGEMENT IN THE SECTION 5 ONLY MARKETING AND PUBLIC RELATIONS FINANCIAL SECTOR ISP/4543 CCP/2474 CCP/2232 ANTHONY GITHAIGA NJORE ALEX MALA MUNYOKI MARGARET WAMAITHA WAINAINA Donor: INSTITUTE OF CERTIFIED Donor: kasneb Donor: INSTITUTE OF CREDIT INVESTMENT AND FINANCIAL MANAGEMENT (ICM) ANALYSTS (ICIFA) CCP PART II – SECTION 4 LAW GOVERNING CREDIT PRACTICE CCP PART III – SECTION 6 SECTION 6 ONLY CCP/2344 DEBT RECOVERY ISP/5808 MERCY ATIENO OYOO CCP/2107 GLORY GATWIRI KIRIINYA Donor: kasneb ESTHER NJAMBI KARIUKI Donor: INSTITUTE OF CERTIFIED Donor: kasneb INVESTMENT AND FINANCIAL BEST OVERALL IN SECTION (S) ANALYSTS (ICIFA) CORPORATE LENDING SECTION 3 ONLY CCP/2255 SECTIONS 5 AND 6 (COMBINED) CCP/2458 WILLIAM MOMANYI KEGICHA ISP/3456 ESTHER MAKENA MUTURUCHIU Donor: kasneb SYLVESTER OBIRI ONDIEKI Donor: kasneb Donor: DR. GEORGE O. WAKAH CREDIT PRACTICE SECTION 4 ONLY CCP/2255 CCP/2391 WILLIAM MOMANYI KEGICHA SARAH MARY NYAMBURA KIBIRA Donor: kasneb Donor: kasneb
SECTIONS 3 AND 4 (COMBINED) BEST OVERALL IN SECTION (S) CCP/2458 SECTION 5 ONLY ESTHER MAKENA MUTURUCHIU CCP/2232 Donor: kasneb MARGARET WAMAITHA WAINAINA Donor: kasneb
CCP PART III – SECTION 5 SECTION 6 ONLY BANKING LAW AND PRACTICE CCP/2255 CCP/1520 WILLIAM MOMANYI KEGICHA MORRIS PAUL WANJAU NDIRANGU Donor: kasneb Donor: kasneb SECTIONS 5 AND 6 (COMBINED) CCP/2337 CERTIFIED CREDIT JOSEPH WANJOHI MUHOTA PROFESSIONALS (CCP) Donor: kasneb EXAMINATION CCP PART I – SECTION 1 CREDIT MANAGEMENT CCP/2472 CYRUS MWAI NGIRI Donor: INSTITUTE OF CREDIT MANAGEMENT (ICM)
BEST OVERALL IN SECTION (S) SECTION 1 ONLY CCP/2369 RONO C. KIMUTAI Your link to careers in Accounting, Investment and Finance, Governance and Donor: kasneb Management, Information Communication Technology and Credit Management.
66 kasneb NEWSLINE, Issue No. 1, January - March 2018 BESEEN ...... beon the kasneb NEWSLINE Consistentlypublished since 1999
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EDUCATIVE INFORMATIVE ENTERTAINING EMPOWERING Contact the Marketing and Publications Section through: P.O. Box 41362 - 00100 Nairobi Tel: 254(020) 4923000 Cellphone: 0722-201214/0734-600624 E-mail: [email protected] NEWSLINE, Issue No. 1, orJanuary [email protected] - March 2018 67
PORTFOLIO PRIZE i kasneb WINNERS kasnebJanuary - MarchUPDATES 2017 THEORY LAUNCHES BE YOUR NEW BRAND kasneb NEWSLINE, Issue No. 1, STRATEGIC OWN BOSS THE RIGHT LEADERSHIP COLLECTION FINANCE AGENCY PORTFOLIO ACT 2016 INSIDE THEORY CROSSWORD PUZZLE
Information technology vocabularly challenge
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16 17 Compiled by Hancey Kamau, BIT, MKU
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ACROSS DOWN 5 Gain unauthorised access to data in a system or computer. 1. Translate a photograph into a digital form. 6. A structured set of data held in a computer. 2. An element in a HTML document that links to either another 8. A numeric system that only uses two digits - 0 and 1. portion of the document or to another document. 9. Start a computer and put it into a state of readiness for operation. 3. A small amount of computer data sent over a network. 10. A network security system designed to prevent unauthorised access 4. The unit of speed used for super computers. to or from a private network. 5. A common connection point for devices in a network. 11. A pen-shaped handheld instrument used with touch screen input devices 7. Plural of unit of memory. or graphics tablets. 10. Software that is free to use. 13. A central computer from which other computers get information. 12. To install and configure hardware or software. 14. To get permission to use a software again after expiry of licence period. 15. To store data in memory or onto a storage medium. 17. Messages distributed by electronic means from one computer user to 16. A graphical representation of the sequence of operations one or more recipients via a network. in an information system or program. 18. Unsolicited bulk email. 19. A string that fulfills the specified conditions of a computer 20. A failure or interruption in use or functioning. search. 22. Acronym for information technology. 21. Program you launch to connect to the internet. 23. The route through a file system to a particular file. 24. The clock rate of a CPU. 25. A program that enters your computer and damages and destroys stored 27. A procedure associated with a message and an object in information. object-oriented programming. 26. A file which is linked ot and sent with an e-mail message. 28. The program a personal computer’s microprocessor uses 27. To write content to a CD or DVD. to get the computer system started after you turn it on. 28. A kind of malware that is able to copy itself, and spread. 31. Within or inside a network of computers that only connects 29. A computer program that prevents unauthorised entry into a computer people within a certain group. system, stealing information or causing damage. 32. The set of instructions forming a computer program. 32. The smallest unit of data. 33. A name for directories that contain files stored in binary 33. Leave out or exclude. format. 34. The highest authority or privilege given to a user working with an operating system or other control program. 35. Device or data point on a larger network.
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